BRF unveils buyback

BRF unveils buyback

Bonds

Brasil Foods (BRF) on Wednesday launched a tender offer to buy back two bonds sold by its subsidiaries, the latest in a string of Brazilian borrowers to turn to liability management to tighten their debt costs. The borrower is targeting a 6.875% 2017 bond sold by Sadia Oversea on which $220.7m is outstanding, and a 7.25% 2020 sold by BFF International, of which $629.3m remains in the market. The Baa3/BBB-/BBB- beef and poultry producer has offered to buy the 2017 back at 150bp over US Treasuries

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