Ukraine’s MHP gets tenders for $409.78 million of 8¼% notes due 2020

By Susanna Moon

Chicago, March 22 – MHP SE said investors had tendered $409,783,000 of its $495.6 million of outstanding 8¼% notes due April 2, 2020 as of the early deadline at 5 p.m. ET on March 21.

The tender offer will continue until 11:59 p.m. ET on April 6. Tendered notes may not be withdrawn after the early deadline.

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.

The minimum participation condition requires tenders for at least $247.8 million.

The offer is 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.

Holders also will receive accrued interest up to but excluding the payment date.

The tender is contingent on the issue by MHP Lux SA of new notes in an amount equal to at least $247.8 million, or half of the outstanding amount of 8¼% notes.

Noteholders who tender their notes in the offer and also subscribe for the new notes may apply for an allocation identifier code.

The company said it will review tender instructions and may request that MHP Lux give priority in the allocation of new notes to those investors tendering with the allocation identifier codes before the early deadline.

There are no guaranteed delivery procedures for the tender offer.

The early payment date is expected to be 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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