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Ukraine’s MHP gives early results of any-and-all tender for 7¾% notes
By William Gullotti
Buffalo, N.Y., Oct. 13 – MHP SE gave the early tender results for its any-and-all cash tender offer to purchase its $500 million outstanding 7¾% guaranteed notes due May 10, 2024 (ISIN: XS1577965004, US55302TAD72), according to an announcement.
As of the 5 p.m. ET deadline on Oct. 6, notes totaling $150,797,000 were validly tendered and not withdrawn, representing about 30.2% of the outstanding aggregate principal amount.
As previously reported, the company offered an early tender offer consideration of $850 per $1,000 principal amount and a tender offer consideration of $750 per $1,000 principal amount.
The early tender offer consideration includes an early tender payment payable only to holders who tendered by the early tender deadline.
The company will also pay accrued interest.
The tender offer will expire at 11:59 p.m. ET on Oct. 26.
Final results will be announced on Oct. 27.
Payment will be made on or around Oct. 30.
The offer remains subject to a financing condition.
The company said the purpose of the tender offer is to proactively and prudently address its debt under the notes in advance of their maturity in the context of the ongoing war in Ukraine and associated operational and financial risks. The company said it is able to do so by utilizing financing expected to be made available to the group by major international development finance institutions for such purposes and its existing cash resources.
The dealer manager is J.P. Morgan SE (em_europe_lm@jpmorgan.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; mhp@is.kroll.com; https://deals.is.kroll.com/mhp) is the tender and information agent.
The issuer is a Kyiv, Ukraine-based agriculture-industrial company.
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