SALIC to buy out Mriya Notes before maturity

Saudi Agricultural and Livestock Investment Co. (SALIC) plans to buy out Mriya Farming PLC Notes for more than USD 208 million before maturity, which were issued as part of the restructuring of the obligations of the agricultural holding Mriya.

The initial redemption of the Notes starts on November 16, 2018. The final redemption of Notes is expected on November 15, 2019.

Mriya and SALIC agreed that the maximum post closing purchase price adjustment would be capped at 10% of the cash purchase price. This amount will be held in escrow for a maximum of 12 months. Release of funds from escrow will be linked to the completion of certain post closing reorganisation steps, tax audits of members of the target group and the post closing transfer of assets to the target group from the SPV.

SALIC will pay fixed cash purchase price, which after deduction of costs and expenses is anticipated to be between USD 10 million and USD 15 million. Approximately 53 to 62 US cents per US dollar principal amount of Notes outstanding will be paid.

On September 12, 2018, the ceremony for the signing of a contract for the sale of shares of Mriya Agroholding was held between Mriya Farming PLC and SALIC.