The Myronivsky Hliboproduct Group (MHP, Kyiv), the largest poultry producer in Ukraine, plans to refinance around 60% of its notes issued in 2010 worth $584,767,000 due 2015 or up to $350 million, reads a report of the group on the London Stock Exchange (LSE) issued last week.
The report says that the company is ready to buy notes with the face value of $1,000 at $1,095 until March 20, 2013 and at $1,045 until April 4, 2013, while the new note pricing date will be announted on or around March 21, 2013.
The group said that the obligation of the company to purchase notes is subject to certain conditions, including the condition that the company is satisfied that it has received or will receive an amount by way of proceeds from the issue of the new notes. The consideration for each $1,000.00 principal amount of notes for which a consent (but not a tender) is received and not revoked on or prior to the consent expiration date is $5.00 (the consent payment).
“The purpose of the tender offer is to proactively manage and lengthen the company’s debt maturity profile by refinancing a portion of the notes with longer dated debt,” reads the report.
On March 7, 2013 the MHP’s notes were listed at the price of 108.3% of the face value, which implies their profitability of 6.06%.