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MHP gets tenders for $6.4 million more 8¼% notes since early date
By Susanna Moon
Chicago, April 9 – Ukraine’s MHP SE said investors had tendered another $6.4 million of its $495.6 million of outstanding 8¼% notes due April 2, 2020 since the early deadline at 5 p.m. ET on March 21.
Holders had tendered $409,783,000 of the notes as of the early deadline.
The tender offer ended at 11:59 p.m. ET on April 6.
After the purchase, there will be $79,417,000 of the notes left outstanding, according to a company press release.
As announced March 9, the early tender purchase price will be $1,095 for each $1,000 principal amount of notes tendered by the early deadline. The base tender price will be $1,065 for each $1,000 principal amount of notes tendered afterward.
Holders also will receive accrued interest up to but excluding the payment date.
The minimum participation condition required tenders for at least $247.8 million, which has been met.
The offer was being made “to proactively manage and lengthen the company's debt maturity profile” by refinancing some of the notes with unsecured and unsubordinated notes to be issued by MHP Lux SA, a wholly owned subsidiary, according to a previous company announcement.
The tender was contingent on the issue by MHP Lux of new notes in an amount equal to at least $247.8 million, or half of the outstanding amount of 8¼% notes.
As reported, MHP Lux priced $550 million of 6.95% notes due 2026 at par March 23.
The early payment date was April 6 and the final payment date is expected to be April 10.
The joint dealer managers are ING Bank NV, London Branch (+31 20 563 8017 or liability.management@uk.ing.com), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) and UBS Ltd. (+44 20 7568 2133 or ol-liabilitymanagement-eu@ubs.com).
The information and tender agent is D.F. King Ltd. (+44 20 7920 9700, 212 269 5550, 800 848 3405, +852 3953 7230, fax 212 709 3328 or MHP@dfkingltd.com or https://sites.dfkingltd.com/mhp).
The issuer is a Kiev, Ukraine-based agriculture-industrial company.
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