Marfrig agrees to billion-dollar buyback

Marfrig agrees to billion-dollar buyback

Bonds Debt Capital Markets Asset Management Corporate & Sovereign Strategy Fixed Income Brazil United States

Brazilian meat company Marfrig said it agreed to buy $1.04 billion worth of outstanding bonds after investors tendered 2024 and 2025 notes by the early deadline on January 25. São Paulo-based Marfrig announced plans on January 11 to repurchase its 7% 2024 bonds and 6.875% 2025 bonds. It sold $1.5 billion worth of 3.95% 2031 bonds on January 14 to pay for the buyback. It had $1 billion in outstanding 2024 notes and $750 million in 2025 notes before it started the buyback. Bondholders offered $324

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