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Concorde Capital Research: MHP bondholders approve changes to 2020 bond covenants

October 16, 2018 | Cbonds

The holders of the 2020 notes of MHP (MHPC LI, MHPSA), Ukraine’s leading poultry producer, approved proposed amendments to the bond’s covenants in time for an Oct. 12 deadline, the company reported on Oct. 15. This became possible after the company increased its consent fee from an initial 50 bps to 100 bps on Oct. 5. The consent settlement date was set at Oct. 17.

Alexander Paraschiy: This is the second time MHP has changed covenants to its notes due in 2020 and the second time it has had to raise the consent fee to get the approval done (in February 2016, it increased the consent fee to 125 bps from the initial 50 bps.)

Now the conditions of MHP’s notes due in 2020 (USD 79.4 mln outstanding) have been harmonized with the notes due in 2024 and 2026 (USD 1,050 mln outstanding) and the company has been granted more flexibility in its borrowing and M&A activity. This will allow the company to close the deal to acquire Slovenian poultry producer Perutnina Ptuj, which was announced in September, as well as make other investments. Our view on MHP Eurobonds remains neutral.

Issue: Myronivsky Hliboproduct, 8.25% 2apr2020, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine04/02/202079,417,000 USD-/B/B

Company: Myronivsky Hliboproduct

Full company namePJSC Myronivsky Hliboproduct
Country of riskUkraine
Country of registrationUkraine
IndustryFood industry


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