MHP announces redemption of its 2020 Eurobond

Ukraine’s leading
poultry producer MHP (MHPSA, MHPC LI) has announced that it is going to redeem its Eurobonds maturing in
April 2020 (amount outstanding: USD 79.4 mln in nominal), according to the
company’s Sept. 19 announcement. The Eurobond redemption date will be Oct. 21,
the company said. The company’s note redemption will be in accordance with the
terms of the indenture dated as of 2 April 2013.

Andriy Perederey: It
looks logical to redeem the illiquid 2020 bond after the new 2029
bond placement. In our view, the company will redeem its 2020
bonds in accordance with the prospectus’s optional redemption process and the
offering price will be 101% of the nominal, plus the accrued interest for the
period from Oct. 2 to Oct. 21. Also, we maintain our neutral view on all MHPSA
bond issues.