Commentary & Deal Flow

MHP Lux SA (“MHPSA"), expect CCC+ by S&P, US$450m Reg S/144A 3.5yNC2 sr unsec gtd notes due 07/28/29. Principal amortization: US$25m on each anniversary of the issue date (Jan 2027, Jan 2028, and Jan 2029), with the remainder at maturity. Via JPM as Global Coordinator and Sole Bookrunner (B&D), Dragon Capital as jt lead manager. MW call Jan 2026-Jan 2026, the par + 50% of annal coupon Jan 2028 to July 2028, and then at par. Held a series of fixed-income investor meetings, commencing with calls on 16 January and followed by meetings in London starting from 19 January 2026. MHP Lux SA, a sub of MHP SE, is a leading international food and agricultural group with Ukrainian roots and one of the largest poultry producers in Europe. UOP: along with cash on hand, to fund the tender/redemption of its sr notes due 2026. NBU Capital Control Put Option: At par (100%), subject to the NBU lifting its capital controls/restrictions that prevent MHP SE's Ukrainian subsidiaries from prepaying intercompany loans from Ukraine, which in turn will allow the Issuer to prepay the principal under the Notes. List Dublin. NY law. CoC at 101. Day count: 30/360. Denoms: 200kx1k. FCA/ICMA stabilization applies. Settles Jan 28 (T+5). Pricing 01/21.

IPT: low-to-mid 11% area.

GUIDANCE: 10.875% area.