poultry producer MHP (MHPC LI, MHPSA) released on April 18 a timetable for its tender
offer for up to USD 350 mln of its USD 750 mln in Eurobonds maturing in 2020. Until April
27 (early tender deadline), noteholders will be able to tender their notes at a price of
102.75% of par. Till May 15 (expiration deadline), the price offered by MHP will be
99.75% of par.
The early results
announcement date (when the company will announce whether the conditions on the tender
offer will be satisfied or waived) will be on the day following the pricing of the new
The final results
announcement date will be on or about May 16, with the payment date expected to be on or
about May 17.
Any accrued or
unpaid interest will be paid out up to, but excluding, the tender offer payment day. The
company also reserves the right to withdraw, change, modify or terminate the tender
Zholonkivskyi: MHP has not
specified the exact planned volumes for its new Eurobonds. With the early tender offer at
102.75% (which is slightly higher than the current price of MHPSA’20 bonds), we think the
price is reasonable for the bondholder side to consider selling back their notes to MHP.
But whether the target of USD 350 mln will be met is difficult to
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