Ukrainian poultry producer MHP said it plans to issue a five-year Eurobond in March to raise as much as $700 million, which the company will use to help to refinance some of its existing debt.
MHP, which plans to price the new bond on March 21, will use up to $350 million of the total raised to buy back bonds falling due in 2015, according to a Reuter’s report.
The company has offered to buy back a part of an existing $585 million bond issue at 109.5 percent of face value by March 20 or 104.5 percent of face value by April 4. The bond traded at 107.25 percent of face value March 7.
"The purpose of the offer is to ... manage and lengthen the company's debt maturity profile by refinancing a portion of the bonds with longer-dated debt," the company said in a statement.
MHP is Ukraine's largest poultry producer. It also sells grain, beef, pork, fruits and vegetables.
