Ukrlandfarming (UKRLAN)

Issuer Profile

UkrLandFarming (ULF) is a vertically integrated agroindustrial company operating in Ukraine and focusing on the cultivation of crops, production of shell eggs (via LSE-listed subsidiary Avangard), cattle farming (63,000 head of cattle as of end-2013), and sugar production (second largest sugar producer in Ukraine in 2012). ULF operated 654,000 ha of land as of end-2013 and currently has 1.9 Mt of storage facilities. Its 2013 crop mix included corn (46% of harvested area), wheat (19%) and fodder crops (6%).

Bond Information

Market Price* ($)20.00
Market YTM*-
Spread over UST*-
Issue Volume ($m)500
Coupon Rate (% p.a.)10.88%
Coupon FrequencyS/A
Maturity Date3/26/2018
Ratings: Moody's/S&P/Fitch-/NR/WD

Note: *Based on bid price.

Memorandum Terms

Financial Reports A - within 120 days; Q - within 90 days
Max. consolidated Debt/Ebitda 3:1
Events of Default:  
Failure to pay 30 days
Cross default $10m
Expiry of license, illegality, insolvency etc.
Judgments $10m/60 days

Issuer Financials


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