ProgNet Engineering LLC, a privately-owned provider of food-processing equipment from the Baltics region, is eager to announce the commencement of its venturesome capital raising project by issuing corporate fixed-rate Euro Bonds to be considered for listing on the European debt capital markets. The issued bonds have the following properties:
- Issue Size: EUR (€) 43 million
- Coupon/Terms: 8% per annum, paid semi-annually
- Listing: TBC for now (Vienna Stock Exchange or Luxembourg Stock Exchange)
- Status: Registered
- Issue Date: October 2021
- Maturity: 2028
- Issuer: ProgNet Finance PLC
- Financial Adviser: KPMG
- Repayment: Annual buyback offer from the issuer starting from 2024
- Use of proceeds: The raised capital is intended to be used by the borrower for investing in a peas production facility for the deep processing of peas.
ProgNet Finance PLC was established as an SPV by a shareholder ProgNet Engineering LLC for the benefit of entering the European debt market.
Having started its commercial activities in early 2000 by supplying spray drying chamber to the CIS market, ProgNet Engineering LLC has expanded the range of its services and supplied equipment types to the full-scale implementation of such major turnkey projects as:
- Construction of a production line for manufacturing “3 in 1” dry drinks from chicory, cocoa, coffee, Moscow;
- Construction of vegetable cream production plant for TM “Jacobs” coffee factory,” Mondeliz-Rus company, St. Petersburg;
- Construction of a closed production cycle for processing soy into soy milk and soy vegetable dry cream, Alev company, Ulyanovsk, as well as other large-scale equipment construction, modernization, and installation projects in the food-processing industry.
“We are hopeful that our debt placement campaign will allow us to generate sufficient capital to support our investment in the promising peas production facility for deep processing of peas, which is expected to bring about top-notch innovation in the peas processing industry and furnish lucrative returns,” says Dmitriy Morozov, Director of Prognet Engineering LLC.
Utilizing all the latest technical innovations available on the market, and the specific expertise in implementing large-scale construction, modernization, and installations projects for food-manufacturing and food-processing companies, ProgNet Engineering provides their clients with an indisputable competitive advantage in per-unit cost reduction.
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