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Friday, May 6, 2011

AGROTON PUBLIC LIMITED PLANS US$ REGULATION S EUROBOND ISSUE


FITCH AND STANDARD & POOR'S ASSIGNED B- RATING BOTH TO AGROTON AND THE ISSUE


Agroton Public Limited, one of the largest agricultural producers in Ukraine, announced it’s going to issue its debut US$ Regulation S Eurobond notes.

Agroton has appointed VTB Capital plc and Dragon Capital (Cyprus) Limited as the Joint Lead Managers and Jaspen Capital Partners as the Co-Lead Manager to manage its debut US$ Regulation S Eurobond issue.

The investor road-show is expected to commence on 10 May 2011.

The proceeds from the bonds will be used to redeem all existing bank debt of around USD21m, and to fund the construction of additional grain storage facilities, expansion of the Group’s existing land bank and acquisition of additional agricultural machinery as well as for general corporate purposes of the Group. Future cash from the bond proceeds will be deposited initially in Bank of Cyprus (BBB+/Negative Outlook) in USD.

Fitch Ratings has assigned Agroton Public Limited’s planned notes foreign-currency senior unsecured rating of ‘B-(exp)’ and an expected Recovery Rating of ‘RR4’. Agroton has Long-term foreign and local currency Issuer Default Ratings (IDR) of 'B-' and a National Long-term of 'BBB(ukr)'. The Outlook on these ratings is stable.

Today, also Standard & Poor's Ratings Services assigned its 'B-' long-term corporate credit rating to Agroton Public Ltd. The outlook is stable.

At the same time, Standard & Poor's assigned an issue rating of 'B-' to Agroton's proposed senior unsecured notes.

(News taken from Agroton company website:  http://www.agroton.com.ua/en/news-90.htm)

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