Marfrig Raises LM Funds

Marfrig Raises LM Funds

Brazil Bonds

Brazil’s Marfrig has sold a $400m 2021 NC4 bond to fund a tender offer, after getting $700m in demand from over 100 accounts. The B2/B/B meatpacker priced the 2021 bond at 98.715 with an 11.25% coupon to yield 11.50%, in line with mid 11%-area initial price thoughts. The bond was seen at 99.05-99.25 Friday, according to a trader. Investors questioned why the Brazilian meatpacker raised cash at a double-digit yield to fund a buyback of 2016 bonds on which it pays 9.625%. Bankers familiar with the

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