Myronivsky Hliboproduct (MHP) agroholding after a tender offer to buy notes due on April 2, 2020 received applications for the securities worth $416.183 million, the company reported on the London Stock Exchange (LSE) on Monday.
According to the report, currently the company has outstanding 2020 notes in aggregate principal amount of $495.6 million.
MHP said that following the early tender deadline the notes in aggregate principal amount of $409.783 million were tendered. On or before the expiration deadline the notes in aggregate principal amount of $6.4 million were tendered.
On or about 10 April 2018, on the terms and subject to the conditions in the tender offer memorandum, noteholders who validly tendered following the early tender deadline and on or before the expiration deadline will be paid the tender offer consideration of $1,065 per U.S.$1,000 principal amount plus the accrued interest amount.
The aggregate principal amount of Notes outstanding following completion of the tender offer is $79.417 million.
Metinvest mining and metal group has placed eurobonds under the 2012 eurobond refinancing program and pre-export financing facility ((PXF-financing): $825 million bonds due on April 23, 2023 and $525 million bonds due on April 23, 2026. According to information in the Bloomberg system, five-year bonds were placed at 98.986% of their face value. Taking into account the coupon of 7.75%, yield for them is 8% per annum.
The eight year bonds were placed at 98.583% of their face value. Taking into account the coupon of 8.5%, yield for them is 8.75% per annum.
As reported, on March 19 Metinvest offered the holders of eurobonds circulating in the market, the total nominal volume of which is $1.187 billion, to redeem the securities ahead of schedule.
The group at the initial stage of the offer received proposals for the buyback of eurobonds for $1.068 billion. In addition, the holders of eurobonds worth $1.149 billion agreed to amend the terms of their circulation.
The deadline for applications for redemption expires at 16:00 London time on April 19, 2018.
Metinvest also reported on achieving agreement with the creditors, who provided PXF-financing, on the revision of the terms of loans, including their extension.
Synchronously the group announced the issue of new bonds.
