Ukraine’s MHP talks dollar eight-year bullet notes at 7¼%-7 3/8%

By Rebecca Melvin

New York, March 22 – MHP Lux SA, a subsidiary of the Ukraine’s agro-industrial MHP SE group, was talking a new dollar-denominated eight-year bullet note (expected ratings: /B/B) to yield 7¼% to 7 3/8%, according to a syndicate source on Thursday.

The Rule 144A and Regulation S notes, expected to price on Thursday, had been talked initially with an eight- to 10-year maturity.

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 deal.

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 businesses.

The issuer is based in Kiev, Ukraine.

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