As a result of the restructuring, the total debt of the new Mriya group has decreased from USD 1,1 billion to USD 309,5 million, consisting of USD 49,3 million restructured secured debt, USD 208,1 million restructured unsecured debt, USD 46 million working capital notes and USD 6,1 million new equipment leasing. The company will be serving the restructured unsecured debt according to the agreed schedule of interest and principal payments of the new senior secured notes issued in accordance with the terms of the Exchange Offer.
«We have successfully completed the complicated, unprecedented and unique process of the Mriya’s debt restructuring that has taken us more than 3 years. As a result, we have managed to restructure 13 unsecured bank credits, 7 suppliers’ credits, 1 ECP programme and 2 issues of Eurobonds in one single secured debt instrument» - says General Director of Mriya Simon Cherniavsky.
As described in the Exchange Offer, the sale of the operational subsidiaries of Mriya Agroholding, which include the entire land bank, infrastructure, operations and equipment, by Mriya Agroholding to the new holding company, Mriya Farming PLC (UK) has been completed. As a result, Mriya Farming PLC has become the holding company for the Mriya operating group and is in turn wholly owned by existing creditors of the Mriya Group.
In accordance with Western standards of corporate governance, Mriya Farming PLC has an independent board of directors selected by its creditors & shareholders, including Oleksiy Pavlenko, former minister of Agriculture in Ukraine and Kamen Zahariev, former country manager of EBRD in Ukraine. Mriya will continue its operational activity in Ukraine under the leadership of Simon Cherniavsky as General Director.
On 23 August, Mriya will commence a public auction to sell the newly issued securities allocated to existing creditors of the Mriya Agro Holding Public Limited (in liquidation) that did either not participate in the Exchange Offer or chose to receive cash rather than new securities s. After close of the auction, the company will apply the cash proceeds from the auction as described in the Exchange Offer Memorandum.
The advisors of the creditors for the restructuring of debt of Mriya were Rothschild, Hogan Lovells and Latham & Watkins.
