MHP explained recent USD 350 mln Eurobonds issuance

MHP intends to use the proceeds of USD 350 mln Eurobonds, in part, to satisfy and discharge the indenture governing its 8.25% Notes due April 2020 and for the general corporate purposes.

"MHP intends to use the proceeds of the Notes, in part, to satisfy and discharge the indenture governing its 8.25% Notes due April 2020, followed by a redemption of the entire USD 79.4 mln in the aggregate principal amount of the 2020 Notes outstanding. The balance will be used for short-term debt refinancing, general corporate purposes and to pay fees and expenses related to the offering of the Notes," the company says in a statement.

The Notes are expected to be rated B+ by Fitch, and B by S&P, MHP adds.

As a reminder, on September 12th, MHP Lux S.A. prepared for the offering on London Stock Exchange (LSE) of USD 350 million Eurobonds with an estimated yield of 6.25% per annum.

In H1 2019 MHP revenue reached USD 946 mln, having increased by 36% year-on-year (H1 2018: USD 694 mln).