Marfrig to Issue Convertible Bonds

Marfrig to Issue Convertible Bonds

Equity M&A

Shareholders of Brazil food company Marfrig have allowed the company to issue BRL2.5bn in 5-year convertible bonds to fund the acquisition of US-based peer Keystone Foods. The bonds will be sold via a private subscription, but the company does not reveal who the buyer is, saying only that current shareholders will have preference. Analysts have speculated that development bank BNDES may be the buyer. The bonds are mandatorily convertible into equity after 5 years and would pay interest at the DI

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