Ukraine's MHP tenders for up to $350 million 10¼% notes due 2015

By Jennifer Chiou

New York, March 7 - MHP SA announced the start of its cash tender offer for up to $350 million of its $584,767,000 of outstanding 10¼% notes due 2015.

The company is also soliciting consents to conform certain covenants in the existing notes to the indenture for new notes it will issue. Specifically, MHP is looking to modify the consolidated leverage ratio and other provisions and to make certain technical changes to the existing proceeds loans permitted by the indenture.

For each $1,000 principal amount, the company is offering $1,095 for those who tender prior to the early deadline and consent deadline of 5 p.m. ET on March 20.

Those who tender after that time will receive $1,045 per $1,000 principal amount.

MHP is also offering a $5.00 consent fee, which it stated will not be prorated if the offer is oversubscribed. It will pay accrued interest.

The offer will end at 11:59 p.m. ET on April 4.

The tender is conditioned on sufficient proceeds from an issue of new notes to finance the tender offer. The new notes are expected to price on March 21.

The dealer managers are J.P. Morgan Securities plc (44 20 7134 2468/44 7134 3414 or emea_lm@jpmorgan.com), Morgan Stanley & Co. International plc (44 20 7677 7799 or liabilitymanagementeurope@morganstanley.com) and VTB Capital plc (44 203 334 8029 or vtb.dcm@vtbcapital.com).

D.F. King & Co., Inc. is the information agent (212 269-5550 or 800 967-4612; 44 20 7920 9700; mhp@dfking.com).

MHP is a poultry producer based in Kiev, Ukraine.

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