Mriya is to refinance 71.3% of the bonds issued in 2011
2013-04-26 16:26:17
According to the official information released by Irish Stock Exchange, Mriya is in the second stage of refinancing 5-year notes, issued in 2011 for USD 250 M. Company has yet to receive a single request for exchange of notes (for cash), which is resulting in refinancing of 71.3% of notes, as other 28.7% will remain in free circulation until paid out. Mriya announced refinancing of 2011 notes with new ones maturing in 2016. Company offered to pay back USD 1067.5 per note with nominal value of USD 1000 until April 10, 2013 and USD 1037.5 available until April 24, 2013. S&P rated new issue at “B” level and “4” payback rating, as Fitch gave “B” rating to the issue and “RR4” rating for payback. Company issued notes in April with 9.75% annual return rate and 10.95% coupon rate.
Company ended 2012 with 16.2% of net profit increase to USD 174.29 M compared to 2011 and a 29.7% revenue increase to USD 347.94 M compared to the same period last year.
AgroInvest comment: Absence of requests for exchange of notes shows the extent to which foreign investors see Mriya as a stable and good risk-return asset to invest in the long term.
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