Demand high for BRF loan

Demand high for BRF loan


BRF’s $800m, five-year revolving credit facility is heard to be oversubscribed, with more than 20 banks understood to be participating in the deal. The loan, which is expected to close at the end of the month, is tied to a ratings grid and pays 140bp over Libor at the Brazilian protein company's current rating of Baa3/BBB-. A one-notch upgrade from both agencies would lower that to 125bp, while a similar move in the opposite direction would push it up to 165bp over Libor. If BRF’s ratings fall t

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