Business
EBRD loan amendment
EBRD loan amendment.
About this update from Ukrproduct Group Ltd
[{"type":"text","content":"\n \nRNS Number : 7252C Ukrproduct Group Ltd 30 June 2016 \n\n \n \nFOR IMMEDIATE RELEASE June 30, 2016\n \n \nAMENDMENT TO UKRPRODUCT GROUP LIMITED AND EBRD Loan \n \n \n \nFurther to the announcements made on 15 June 2016 and 15 December 2015, Ukrproduct Group Limited is pleased to announce that an amended Loan Agreement with the European Bank for Reconstruction and Development (\"EBRD\") has now been executed under the restructuring terms for the loan with EBRD announced on 15 December 2015. \n \nThe terms include extension of the maturity date from 10 December 2018 to 1 December 2024. The Company has also been provided with a capital repayment holiday until 1 March 2017, at which point quarterly capital repayments, representing the majority of the loan, commence, increasing in amount on an annual basis until 1 December 2022, followed by a final bullet repayment on 1 December 2024. Additional deferred costs and net overdue interest totalling approximately EUR 0.52 million become due and payable with the final bullet repayment.\n \nInterest is payable at a margin of 5% over EURIBOR, with the bullet capital repayment bearing interest at the higher of EURIBOR or 1% per annum until 1 December 2022. Interest on the bullet capital repayment will be capitalized from that date. As at 31 December 2015, the total principal outstanding under the EBRD loan stood at approximately EUR 7.26 million. \n \n \nFor further information contact:\n \n\n\n\n\nUkrproduct Group Ltd\n\n\n \n\n\n\n\nJack Rowell, Non-Executive Chairman\n\n\nTel: +380 44 232 9602 \n\n\n\n\nAlexander Slipchuk, Chief Executive Officer\n \n\n\nwww.ukrproduct.com \n\n\n\n\nZAI Corporate Finance Ltd.\n\n\n \n\n\n\n\nNominated Adviser and Broker\nPeter Trevelyan-Clark, Jamie...