Avellum has advised MHP Lux S.A. on its USD 550 million, 8 year, 6.95% Eurobond issue with the benefit of the guarantees from its Ukrainian subsidiaries. The joint lead managers on the transaction, J.P. Morgan Securities plc, the London Branch of ING Bank N.V., and UBS Limited, were represented by the Kyiv office of Baker McKenzie as to Ukrainian law and by Latham & Watkins' London office as to English and American law.
Baker McKenzie describes MHP Lux S.A. as "a leading Ukrainian agricultural producer." The proceeds of the Notes will be used to finance MHP Group's tender related to its 8.25% Notes due 2020 and for short-term debt refinancing, general corporate purposes, and further expansion of the MHP Group's business.
The Eurobond issue was coupled with a cash tender offer for MHP’s USD 495.6 million aggregate principal amount outstanding of the USD 750 million 8.25% bonds due in 2020.
Baker McKenzie Managing Partner Serhiy Chorny commented that “leading Ukrainian companies like MHP attract significant interest in the international capital markets, notwithstanding the still difficult state of Ukraine's economy. The success of this Eurobond issue is a clear indication that significant Ukrainian businesses can attract foreign financing on good terms, and consistent reforms in Ukraine will open opportunities in the international markets for a broader spectrum of Ukrainian companies. It was a great pleasure to work with MHP and its talented management team, and we wish the company and its leaders much success in their future endeavors in the international markets."
The Avellum team was led by Senior Partner Glib Bondar and included Senior Associate Anna Melnychuk, Associates Tetiana Mykhailenko, Orest Franchuk, Anastasiya Voronova, Oleg Krainskyi, and Anna Mykhalova. Tax support came from Counsel Vadim Medvedev and Associates Vladyslav Aleksandrov and Ihor Monastyrskyi.
Baker McKenzie’s team was led by Managing Partner Serhiy Chorny with key input from Partner Viacheslav Yakymchuk and Associates Ganna Smyrnova, Stepanyda Badovska, and Olga Gavrylyuk.
