Marfrig Tops 50% in Exchange

Marfrig Tops 50% in Exchange

Brazil Bonds

Brazil’s Marfrig has received acceptance from holders of $188m, or 50.02%, of the 2016 bonds targeted in a tender offer as of the early deadline, it says. The repurchase is funded with proceeds from last week’s $400m 2021 NC4 bond sale, when the B2/B/B meatpacker priced the new 11.25% at an 11.50% yield. The amount allows the company to substantially remove all covenants for the target notes. The Brazilian meatpacker says issuance comes at a time of high market volatility as investors anticipate

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