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30 September 2010

Sayenko Kharenko advised on USD 580 million Myronivsky Hliboproduct exchange offer and new Eurobond issue

Sayenko Kharenko acted as Ukrainian legal counsel to Morgan Stanley, UBS, ING and Renaissance Capital, the managers of USD 250 million exchange offer and USD 330 million Eurobond issue by MHP S.A. (“MHP”), the holding company of Myronivsky Hliboproduct, Ukraine’s leading agro-industrial holding.

MHP has successfully exchanged 96.01% of the existing USD 250 million Eurobonds due 2011 for the new dollar-denominated Eurobonds due 2015. The new Eurobonds will bear interest at a rate of 10.25% per annum. In addition, as part of this transaction, MHP has issued new USD 330 million 10.25% senior notes due 2015 to be consolidated with the notes issued for the purpose of the exchange offer.

The exchange offer is remarkable as it was the first exchange offer of the high-yield notes issued under Rule 144A by a Ukrainian issuer. This was the third successful placement on international capital markets by MHP. Previously MHP entered international capital markets with USD 250 million Eurobonds in 2006 and USD 371 million IPO in May 2008.

Sayenko Kharenko team involved in the transaction included partners Michael Kharenko and Nazar Chernyavsky, and associates Igor Lozenko and Anton Korobeynikov.

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