MHP $550m Eurobonds placement

4 April 2018

The largest Ukrainian poultry producer announced successful placement of Eurobonds for the total amount of $550M.

Maturity of new Eurobonds is Y2026, yield 6.95%. As was earlier reported MHP planned to use proceeds from new bonds placement to refinance remaining part of outstanding Eurobonds with maturity of Y2020 (in Y2017 MHP already refinanced of $245M of this issue). Total amount of redemption now will make about $410M (out of total outstanding of $495M).

As a result of this transaction MHP is to repay in Y2020 only remaining $85M of Eurobonds (out of initial amount of $750M), which means that middle-term liquidity position of the largest Ukrainian poultry producer significantly improved.

Remaining part of new Eurobond placement proceeds can be used by the company in its business development. As a reminder, in Y2018 MHP is to launch operations on its first sites of Vinnitsa project second stage, which will allow to increase total production volume from about 570k tons in Y2017 up to 610k tons. Also MHP has been constantly studying possibilities of new investments into European poultry facilities to leverage its position as cost-efficient poultry producer.

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