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Concorde Capital Research: MHP announces redemption of its 2020 Eurobond

September 20, 2019 | Cbonds

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.

Issue: MHP SE, 8.25% 2apr2020, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
early redeemedUkraine04/02/202079,417,000 USD-/NR/B+

Company: MHP SE

Full company nameMHP SE
Country of riskUkraine
Country of registrationCyprus
IndustryAgriculture

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