April 1, 2013

Two credit lines from Ukreximbank (Kyiv) totalling UAH232 million (US$28.5 million) was taken by Ukrainian dairy producer Galychyna.

This is according to a company report in the information disclosure system of the National Commission for Securities and the Stock Market. The report says that the credit agreement was signed on March 20, 2013.

Ukreximbank opened an UAH201 million (US$25 million) multi-currency non-renewable credit line at 20% per annum in hryvnas and at 11% per annum in the US dollars for the period of 60 months. The bank also opened a renewable credit line of UAH31 million (US$3.81 million) for one year at 20% per annum.

The report says that the borrowed funds will be used to refinance current debts to VTB Bank worth UAH71 million (US$8.7 million) and US$11.875 million, buy bonds worth UAH35.176 million (US$4.32 million) and replenish working capital by UAH31 million (US$3.81 million).

Galychyna was founded in 1998. It produces dairy foods under the Galychyna, Moi Korovky, and Molochna Rodyna brands.

In 2011, the company saw UAH19 million (US$2.33 million) in net profit, which is 19.2% down on 2010. Its net revenue rose by 29.8%, to UAH888.4 million (US$109 million).