Deloitte acts as auditor and adviser to MHP for Eurobond issuance
Kiev, 15 April – Deloitte has audited the financial statements of Myronivsky Hliboproduct (MHP), which completed the issuance of 7-year Eurobonds in late March. This is one of the most successful Eurobond issuances in the Ukrainian market in the past few years. The Eurobonds, worth a total of USD 750 million at 8.25% per annum, are due in 2020. International rating agency Fitch Ratings has assigned a ‘B’ rating to the Ukrainian company’s issuance.
“We started working with MHP about 10 years ago. We completed an IPO on the London Stock Exchange together, which was one of the first IPOs carried out by a Ukrainian company,” stated Andriy Bulakh, Deloitte Partner. He continued, “we are glad to see MHP becoming better and stronger with each passing day. This is also true for the quality of the company’s financial statements, its performance and investor relations.”
The funds raised by the transaction were partially used to refinance Eurobonds worth USD 386 million, issued in 2010, including early redemption costs.
Myronivsky Hliboproduct (MHP) is a vertically-integrated company and one of the largest poultry producers in Ukraine (represented on the Ukrainian market by the Nasha Riaba and Lehko! trademarks). The agricultural holding company also produces grain, sunflower oil, and other food products. According to the results of 2012, the company earned a net profit of USD 311 million, a 20% increase on 2011. The company also increased its revenues by 15%, up to USD 1.408 billion. In late 2012, the company’s land bank in Ukraine exceeded 285,000 ha. Around 66% of MHP’s shares are owned by Yurii Kosiuk (trough WTI Trading Limited), and the remaining 34% of shares are in free float on the London Stock Exchange.