Ukraine's MHP gets tenders to amend 10¼% notes; offer oversubscribed

By Susanna Moon

Chicago, March 21 - MHP SA said it received tenders for $463,298,000, or 79%, of its $584,767,000 of outstanding 10¼% notes due 2015 by the consent deadline at 5 p.m. ET on March 20.

The company is offering to purchase up to $350 million of the notes.

As a result of having received consents from holders of more than a majority of the outstanding notes, the company plans to enter into the supplemental indenture to adopt the proposed amendments, according to a company press release.

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

For each $1,000 principal amount, the company will pay $1,095 for those who tendered by the early deadline and consent deadline.

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

MHP also will pay a $5.00 consent fee, which will not be prorated if the offer is oversubscribed, according to a previous press release. It will pay accrued interest.

The tender offer will continue until 11:59 p.m. ET on April 4. The offer began March 7.

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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