March 20, 2009
Brazilian meat producer Marfrig has obtained a $75m loan from Bradesco, it
Brazilian meat producer Marfrig has obtained a $75m loan from Bradesco, it says in its earnings report released late Wednesday. The 6-year facility pays Libor plus 725bp. Marfrig is also negotiating a $30m 3-year loan with Rabobank, which it expects to pay Libor plus 700bp. It does not say how it would use proceeds. Brazil’s beef producers have been hit by shrinking export demand and falling domestic prices, with Independencia and Arantes having filed for bankruptcy protection.