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Concorde Capital Research: Mriya auction results imply 4% cash recovery of old bonds

September 10, 2018 | Cbonds

Mriya Farming announced on Sept. 7 the results of its auction of part of its new securities that it issued in exchange for the old debt of Mriya Agro Holding (MRIYA). The company sold USD 20.48 mln of its Restructuring Notes at 33.5% of par, 0.25 mln of Mriya Farming shares at 109.8% of par and EUR 188.6 mln of recovery certificates at 0.111% of par.

Following a restructuring of Mriya Agro Holding’s debt in August, the holders of each old Mriya Eurobond exchanged USD 100 of par value of old bond for USD 11.84 in Restructuring Notes, GBP 0.00094 of new shares in Mriya Farming and EUR 104.6 in recovery certificates (the instruments which will be offered anything recovered from the former owners of Mriya Agro Holding). The company also announced an auction to sell some new securities to pay creditors who prefer receiving cash from Mriya.

Recall, Mriya Agro Holding announced in August 2014 it defaulted on some of its debt obligations, as well as declared it had off-balance debt. In 2014, the company was taken over by creditors who had been restructuring the company’s debt since then. The restructuring was completed in August 2018.

Alexander Paraschiy: Based on the auction results, we calculate that bondholders of Mriya Agro Holding will receive in cash USD 4.01 for each USD 100 of par value of old Mriya’s bonds. This is better than nothing, but below the latest market price of Mriya’s old bonds (8-9% of par). Such a low recovery rate after four years of restructuring talks could serve as a scarecrow for the creditors of another Ukrainian farming holding in default, Ukrlandfarming (UKRLAN). At least now, the management of Ukrlandfarming has more arguments in favor of its debt restructuring offer that it presented last year.

Issue: Mriya Agro Holding, 10.95% 30mar2016, USD

StatusDefaultCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
redeemedYesUkraine03/30/2016250,000,000 USDNR/-/Withdrawn

Company: Mriya Agro Holding

Full company nameMriya Agro Holding
Country of riskUkraine
Country of registrationCyprus


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