Drone manufacturer to raise investments through corporate bonds
The Inzhur MilTech fund opened sales of investment certificates on August 13 with a minimum contribution of 1,000 UAH. The funds raised are planned to be directed into corporate bonds of the Ukrainian drone manufacturer Vyriy Industries.
Investors' funds are intended to provide the company with working capital to expand production. Inzhur acts as the underwriter for the bond issue, and the total registered volume of the fund's certificate issue is up to 5 billion UAH. The current stage of fundraising will last until December 31, 2026.
The nominal value of one Vyriy Industries bond is 1,000 UAH. In the first year, a coupon rate of 25% in hryvnia is provided, with payments to the fund every 35 days. Redemption of the bonds is scheduled for July 26, 2029.
Inzhur declares a projected average annual simple yield of the fund at the level of 25-29% over three years. Investors will not be paid coupon income monthly: the fund will reinvest the funds received, which should be reflected in the value of the certificates. The issuer may redeem the bonds early or change the rate after the first or second year of their circulation.
Under the conditions in effect at launch, in case of early sale of certificates, profits will be taxed at a rate of 23%. If the investor remains in the fund until the end of its operation in 2029, Inzhur plans to pay income as dividends with a tax rate of 14%. At the same time, the prospectus provides that the decision on payment and amount of dividends is made by the authorized body of the asset management company.
The declared yield is not guaranteed. In the prospectus, the fund directly classifies such investments as high-risk: the state does not guarantee the return of invested funds or receipt of income, and the value of certificates can both increase and decrease. Among the risks are issuer default, restructuring of its obligations, insufficient liquidity, hryvnia devaluation and wartime circumstances. When buying or redeeming certificates, an upcharge or discount of up to 1% may also apply.
In July, the State Bureau of Investigation conducted searches at Vyriy Industries as part of a check of possible overstatement of drone costs. The company denied the accusations. Subsequently, the Pechersky District Court of Kyiv refused to impose a seizure on the seized 32 million UAH, after which the money was returned to the company.
