By Rebecca Melvin
New York, March 23 – MHP Lux SA, a subsidiary of the Ukraine’s agro-industrial MHP SE group, priced $550 million of 6.95% notes due 2026 (expected ratings:/B/B) at par, according to a market source.
Pricing of the eight-year bullet notes was tightened from initial talk for a yield of 7¼% to 7 3/8%. The maturity had been talked at eight to 10 years.
The note has a change-of-control put option at par if permitted holders have 50% or less of voting power.
JPMorgan, ING and UBS are joint lead managers of the Rule 144A and Regulation S notes.
Proceeds will be used to finance the tender of its $495.6 million of 8¼% notes due 2020. Remaining proceeds will be used for short-term debt financing, for general corporate purposes and to finance expansion and diversification of the group’s poultry and grain businesses.
The issuer is based in Kiev, Ukraine.
| Issuer: | MHP Lux SA
|
| Amount: | $550 million
|
| Maturity: | April 3, 2026
|
| Description: | Senior notes
|
| Bookrunners: | JPMorgan, ING, UBS
|
| Coupon: | 6.95%
|
| Price: | Par
|
| Yield: | 6.95%
|
| Calls: | No calls
|
| Change-of-control put: | At par
|
| Trade date: | March 23
|
| Settlement date: | April 3
|
| Ratings: | S&P: B
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¼%-73/8%
|
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