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Myronivsky Hliboproduct secures a USD 61.3 mln loan from IFC

Myronivsky Hliboproduct secures a USD 61.3 mln loan from IFC

17 June 2010

Today Myronivsky Hliboproduct (LSE: MHPC LI) announced the signing of a loan agreement with IFC and clarified the exact size of the loan: USD 61.3 mln. From this amount, USD 50 mln will be used to replenish MHP’s working capital to support future land bank increase, whereas USD 11.3 mln partial credit guarantee will be provided for agricultural machinery lease. Ruslan Patlavskyy: With MHP’s full utilization of its poultry processing capacities, slated to reach a limit of 330,000 mt (+16% yoy) in 2010 and its Vinnytsya factory launch scheduled only for 2013, the company plans to use its grain growing segment to support revenue growth in 2011-12. We estimate the company’s grain growing working capital needs at USD 500-700 per ha planted, which implies that the USD 50 mln provided should be sufficient to plant up to a 100 ths ha of newly leased land. This goes in line with MHP’s expectations to expand its land bank by 75% to 350 ths ha and points out to active segment’s growth in 2010-11.

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