The industrial and technical company Agromat LLC, which placed a public issue of three-year H series bonds for UAH 100 million in early October, will start placing a similar I series issue for another UAH 100 million on November 19.
“The funds to be raised from the public offering will be used by the issuer to expand its retail network,” the prospectus says.
According to the prospectus, the nominal interest rate on the bonds with three-month coupons is set at 16.35% p.a. for the first year of circulation, and 3-months for the next two years. UIRD +5.45 p.p. (Ukrainian index of rates on deposits of individuals UIRD3-month +5.45 percentage points (p.p.).
The bonds with a nominal value of UAH thousand will be placed at par through the PFTS exchange, the investment firm is state-owned Ukrgasbank. The maturity date is from November 16 to 18, 2027.
The nominal interest rate of the previous issue of series H, registered by the National Securities and Stock Market Commission on September 6 this year, was set at 16.5% per annum in the first year of circulation. The bonds were placed between September 30 and October 2, and are scheduled to mature on September 27-29, 2027.
Almost simultaneously, on September 25, 2024, Agromat started to redeem UAH 100 million of G series bonds issued in 2021, which allowed the NSSMC to cancel the registration of this issue on October 24.
“Agromat is engaged in the production and sale of ceramic tiles and sanitary ware, registered in 1993. The issuer operates in 25 outlets, including 10 in Kyiv, including a specialized shopping center for the sale of ceramic tiles and sanitary ware with a total area of more than 8,000 square meters.
According to the prospectus, the company’s co-owners with 28.65% each are CEO Serhiy Voitenko, Oksana Reva and Anatoliy Taday, with another 10.05% owned by Olga Bashota and 4% by Nadiya Rusheliuk.
The company’s revenue grew by 13.5% to UAH 1 billion 506.74 million in the first half of this year, while net profit decreased by 2.8 times to UAH 15.62 million.
According to the prospectus, this year Agromat would like to increase its net income to UAH 3 billion 263.07 million, and next year – to UAH 3 billion 552.53 million, and net profit – to UAH 124.32 million and UAH 135 million, respectively, with assets of about UAH 2.64 billion and EBITDA of UAH 297 million.
The company’s main long-term lender at 9% and 17% is Kredobank, with UAH 98 million as of mid-year, and another UAH 3.3 million was due to ProCredit Bank at 17%.
While the short-term loan portfolio totaling UAH 544 million includes loans from six banks at rates of 14.8% to 16.5%, compared to 18.5-19.5% at the beginning of the year: Raiffeisen – UAH 199 million, ProCredit – UAH 106 million, OTP – UAH 86 million, Credit Agricole – UAH 73 million, FUIB – UAH 45 million and Pivdenny – UAH 35 million.
