27 Aug 2009 14:16

UniCredit Bank refinances $30 mln loan to Myronivsky Hliboproduct

KYIV. Aug 27 (Interfax) - UniCredit Bank is refinancing a $30 million loan to Myronivsky Hliboproduct (MHP) until October 1, 2010, the holding company MHP S.A. said in a statement filed with the London Stock Exchange (LSE). The necessary agreement for the refinancing was signed in June of this year.

The document said that the group's total debt came to $190.07 million as of June 30, 2009 in comparison with $187.7 million at the year's start. At the same time, total dollar-based loans from Ukrainian banks provided at 7.82% came to $109 million. Loans to the company from foreign banks in euro stood at $81.07 million at 3.79%.

Of the entire sum, MHP must extinguish $130.24 million.

The company said that capital investment in the first half came to $80 million, including $41 million for the second quarter. The lion's share of capex was earmarked for completing construction of the second section at a poultry facility in Mironivka.

MHP's total debt at the end of June came to $504 million. The company said that export revenue from sales of sunflower and its oil, as well as rapeseed, allowed it to service its debt entirely.

According to the company's financial reporting, MHP had $32 million in free funds at the start of the second half of 2009.

Myronivsky Hliboproduct is Ukraine's leading poultry producer, with a 36% share of the market. The group also produces grain, sunflower oils, beef, potatoes and other foods.