MHP has launched formal preparations for a potential new bond issuance on international capital markets of up to $1 billion. The move is driven by the need to refinance €550 million in Eurobonds scheduled to mature in April 2026. The company previously stated its intention to begin refinancing in the first quarter of 2026 and has now started putting the necessary legal and corporate frameworks in place.
On January 8, key subsidiaries of the agricultural holding — Myronivska Poultry Farm, Zernoproduct MHP, Agrofort, and Oril-Leader — approved at shareholders’ meetings the provision of guarantees for bonds that may be issued by MHP Lux S.A. and placed on international markets. The total nominal amount of such a potential issuance must not exceed $1 billion, the tenor may be up to five years, and the interest rate is capped at 25% per annum. Citibank, N.A. (London branch) is expected to act as trustee, while J.P. Morgan SE may serve as lead manager.
The following day, January 9, shareholders of MHP PrJSC approved the possibility of entering into a broad range of agreements related to raising and/or refinancing financing. This includes not only the issuance of new bonds, but also tap issues, buybacks, exchanges, or amendments to the terms of existing issues, as well as transactions involving other financial instruments on both domestic and international capital markets. Such transactions may be carried out through MHP SE in Cyprus or via MHP Lux S.A.
In its third-quarter report, MHP emphasized that it continues to follow a prudent debt management strategy, prioritizing the timely fulfillment of its obligations. The company noted that, as of the reporting date, management was actively assessing available financing options and planned to begin implementing a refinancing plan for its senior notes bearing a 6.95% coupon during the first quarter of 2026. At the same time, MHP indicated that, depending on the chosen strategy, the terms of new debt — including interest rates — may differ from the existing ones, which could affect the group’s future cash flows.
The company’s financial metrics remain resilient. As of September 30, 2025, MHP’s net debt stood at $1.529 billion, up from $1.179 billion at the beginning of the year, while adjusted EBITDA over the last twelve months increased to $586 million from $566 million. Free cash balances rose to $463 million compared with $355 million at the start of the year.
Previously, MHP has demonstrated an active approach to managing its debt load. Ahead of the maturity of a major €500 million Eurobond issue in May 2024, the company conducted tender offers to repurchase the bonds early and managed to buy back a significant portion at a discount to par. At the same time, the agricultural holding secured financing from international financial institutions, including the EBRD, IFC, and the U.S. International Development Finance Corporation (DFC), providing additional liquidity to service its debt.
MHP remains Ukraine’s largest poultry producer and a major international agribusiness group. The company cultivates approximately 360,000 hectares of land across 12 regions of the country, exports products to more than 80 countries, and operates production facilities not only in Ukraine but also in Southeast Europe, with subsidiaries in the EU, the United Kingdom, the UAE, and Saudi Arabia. In January–September 2025, the group’s revenue increased by 16% to $2.635 billion, while net profit rose by 52.5% to $215 million.
The performance of MHP’s Eurobonds also reflects a relatively high level of investor confidence. Bonds maturing in April 2026 are trading near their highest levels since late 2021, while longer-dated issues have shown moderately negative dynamics. Overall, the company’s actions indicate an effort to prepare all necessary instruments in advance to ensure flexible and controlled debt refinancing in 2026.
