Business
New Loan Agreement
New Loan Agreement.
About this update from Ukrproduct Group Ltd
[{"type":"text","content":"\n \nRNS Number : 1128E Ukrproduct Group Ltd 07 February 2018 \n\n \n \n 07 February 2018\n \nUkrproduct Group Ltd\n(\"Ukrproduct\" or the \"Company\")\n \nLoan agreement with PJSC \"CreditWest Bank\"\nProposed refinancing of OTP Bank Loan\n \nUkrproduct Group Limited (AIM: UKR), one of the leading Ukrainian producers and distributors of branded dairy foods and beverages (kvass), announces that on 05 February 2018 it entered into an agreement for a new loan facility with PJSC \"CreditWest Bank\" (the \"New Loan Agreement\"). \nThe New Loan Agreement\nUnder the terms of the New Loan Agreement the Company can draw down up to UAH 65 million for refinancing purposes (to repay the OTP Bank Loan) as well as for financing working capital. All amounts drawn down by the Company under the New Loan Agreement, together with interest accrued, will be due for repayment on 5 February 2021. The interest rate under the New Loan Agreement is fixed at 18% per annum. Any draw down under the facility will be secured on appropriate collateral provided by the Company (real estate, equipment etc). \nRepayment of OTP Bank Loan\nThe Company intends to draw down UAH 32.3 million in the short term under the New Loan Agreement to repay all amounts outstanding under the OTP Bank Loan. The Board has taken the decision to refinance the OTP Bank Loan on the basis that the terms and conditions of the ...