IFC can again finance working capital of Mriya Agro Holding
2011-04-29 17:47:19
The International Finance Corporation (IFC), which earlier allocated a one-year USD 25 million loan to Ukraine's Mriya Agro Holding to finance its working capital, could approve a new similar project.
A report posted on the website of the IFC says that the total project cost is USD 90 million, and the line of credit will be renewable and opened for three years.
According to the prospectus for Mriya's eurobonds of March 2011, the previous agreement on the credit line to fund the agro holding's working capital was signed with the IFC on June 10, 2010. According to the document, the funds should be fully repaid before June 5, 2011, and the rate on the loan is Libor +7.5%. The company fully used this line by February 1, 2011, when it received the last tranche of USD 6.7 million.