Contact us (+ 7 (921) 446-25-10)
×
Texting is available for authorized users.
Please register or log in at the website.
×
Your request for online training has been sent. Cbonds managers will be in touch with you shortly. Thank you!

Concorde Capital Research: MHP announces tender offer to buy its 2020 Eurobond

March 12, 2018 | Cbonds

Ukraine’s leading poultry producer and farmer MHP (MHPSA, MHPC LI) has offered to purchase all of its Eurobonds maturing in April 2020 (USD 495.6 mln outstanding), according the company’s March 9 announcement. MHP is ready to buy out the bond at 109.5% of par from those offering them before early tender deadline of March 21. It offers a price of 106.5% of par for those meeting the expiration deadline of April 6. The price of MHP’s 2020 bond was 107.6% before the announcement and now is close to the early tender price.

The tender offer is part of MHP’s refinancing approach under which it will issue longer bonds. Therefore, the tender offer is subject to “satisfactory” (determined by the company in its sole discretion) placement of the new bonds by April 6. The offer is also subject to collecting offers for at least half of the 2020 bonds outstanding as of the early tender deadline.

Andriy Perederey: MHP is the only Ukrainian company whose Eurobonds trade inside the sovereign curve, so it is likely that the company will be able to count on placement of the new notes at a negative spread to sovereign. The company will likely try issuing 10-year bonds at a rate between 7.0% and 7.5%. We remain bullish on MHP stock and neutral on its Eurobonds.


Issue: Myronivsky Hliboproduct, 8.250% 2apr2020, USD

StatusCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
outstandingUkraine04/02/202079,417,000 USDB/-/B

Company: Myronivsky Hliboproduct

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

Share:

Similar news:
minimizeexpand
200 000
issues: local and international bonds
170
countries
+7 812 336 97 21
pro@cbonds.info
200 000
issues: local and international bonds
170
countries
Сbonds is a global Fixed income data platform
+7 812 336 97 21
pro@cbonds.info
Data
  • Descriptive data on bonds
  • Bond Quotes from trading systems and market participants
  • Prospectuses and other issue documents
  • Credit ratings
  • Indices and indicators
  • Market news and analytical research
Analytical instruments
  • Multi-parameter bond database search
  • Bond Maps
  • Market calendar
  • Bond calculator
  • Watchlist and Portfolio management
  • Chart analysis
  • Mobile App and Excel Add-in Tool
Enter or RegisterSubscription/Trial access
minimizeexpand
Cbonds is a global fixed income data a platform
×