Marfrig lifts cashflow forecast as BNDESPar rolls debenture

Marfrig lifts cashflow forecast as BNDESPar rolls debenture

Bonds

Brazilian meatpacker Marfrig said Friday that free cash flow could be as much as BRL100m ($42m) this year after it agreed with the country’s development bank to roll a convertible debenture into one with a more favorable payment schedule. BNDESPar agreed to switch its 99% holding of an outstanding convert into a new, privately placed BRL2.15bn 3-year instrument this month, Marfrig said Friday. The debenture to be issued has mandatory equity conversion in January 2017 at a floor price of BRL21.5.

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