Sayenko Kharenko advises on MHP’s landmark Eurobond issuance, tap offering and related tender offer

Sayenko Kharenko has acted as Ukrainian legal counsel to J.P. Morgan and Dragon Capital, the joint lead managers, in connection with the USD 450 million Eurobond issuance by MHP, a leading international food and agri group with Ukrainian roots. The notes, issued with a 10.500% coupon and maturing in 2029, were later increased by USD 100 million through a tap offering, with Sayenko Kharenko also advising J.P. Morgan as sole bookrunner.

The transaction marked the first Eurobond issuance by a Ukrainian corporate since the start of the full-scale invasion of Ukraine in February 2022. The proceeds of the notes were used to fund the tender offer and redemption of the outstanding USD 550 million notes due 2026, while the remaining liquidity will be allocated to MHP’s future investment initiatives, including capital expenditures and ongoing operational needs.

“Our capital markets team is honoured to have supported the joint lead managers on this landmark transaction. It marks the return of new money corporate issuance from Ukraine, alongside a well-coordinated liability management exercise. Executing a transaction of this scale in the current environment is a remarkable achievement and establishes a clear benchmark for subsequent Ukrainian corporate issuances,” commented Igor Lozenko, partner at Sayenko Kharenko.

Sayenko Kharenko’s team included Igor Lozenko, Anton Korobeynikov, Oles Trachuk, Vladyslava Mitsai, Artem Medvetskyi, Danylo Dashko, Karina Zadorozhna and Yevhenii Sapojnikov.