Minerva eyes perp - Updated

Minerva eyes perp - Updated


Brazilian food producer Minerva begins meeting investors today to discuss a perpetual instrument. The two-team roadshow runs until Wednesday. The firm, which was upgraded to BB-, from B+, by Fitch in December, will discuss an unsecured, unsubordinated perpetual bond with investors. The note is heard to likely carry a fixed coupon for the first five years, after which the coupon will reset. The B1/BB-/BB- rated borrower has only dated instruments outstanding — its longest bond is a 7.75% $850m 20

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