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Ukraine poultry group MHP plans bond buyback, new issue
March 7, 2013 / 2:17 PM / 5 years ago

Ukraine poultry group MHP plans bond buyback, new issue

KIEV, March 7 (Reuters) - Ukrainian poultry producer MHP said on Thursday it would issue a five-year Eurobond this month to raise up to $700 million, which the company will use to help to refinance some of its existing debt.

MHP, which plans to price the new bond on March 21, will use up to $350 million of the total raised to buy back bonds falling due in 2015.

The company has offered to buy back a part of an existing $585 million bond issue at 109.5 percent of face value by March 20 or 104.5 percent of face value by April 4. The bond traded at 107.25 percent of face value on Thursday.

“The purpose of the (bond buyback) offer is to ... manage and lengthen the company’s debt maturity profile by refinancing a portion of the bonds with longer-dated debt,” MHP said in a statement.

Credit rating agency Fitch on Thursday assigned the planned Eurobond a ‘B’ rating.

MHP, Ukraine’s largest poultry producer which also sells sunoil, grain, beef, pork, as well as fruits and vegetables, listed in London in 2008.

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