Dakor Agro Holding in talks for USD 20 mln in convertible debt

Dakor Agro Holding is working on finalizing terms for USD 20 mln in convertible debt, according to a press release. The general structure will be a 2-3 year maturity, 12%-15% coupon and conversion/strike market capitalization of USD 180 mln. Dakor sees the facility as a means to finance expansionary working capital and capex projects. The company also clarified the exchange ratio for Dakor shares and Land West/Kremney GDRs into shares of Dakor Agro Holding: the updated ratio for Dakor (DAKOR UZ) shares is 0.757188 and Land West/Kremney GDRs (4K1A GR) is 0.0804476. The updated conversion numbers correspond to a 80/20 ratio of Dakor/Land West in Dakor Agro Holding. Dakor and Land West announced they were merging into Dakor Agro Holding in September 2009; the new company is planning an IPO on the Warsaw Stock Exchange in 1H10.