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Brazil’s Marfrig gives early tender update for 8 3/8% notes, 9˝% notes
By Susanna Moon
Chicago, March 16 – Marfrig Global Foods SA said investors had tendered $345,005,000 of notes issued by two of its subsidiaries as of 5 p.m. ET on March 15, the early tender date.
Specifically, holders had tendered the following amounts with a total purchase price for each $1,000 principal amount, according to a notice:
• $65.26 million principal amount, or 23.15%, of the $281,911,000 of outstanding 8 3/8% senior notes due 2018 issued by Marfrig Holdings (Europe) BV with a total purchase price of $1,060; and
• $279,745,000 principal amount, or 57.71%, of the $484,729,000 of outstanding 9˝% senior notes due 2020 issued by Marfrig Overseas Ltd. with a total purchase price of $1,027.
As announced March 2, the total payment includes an early tender premium of $30.00 for each $1,000 principal amount of notes tendered by the early deadline.
Holders who tender after the early deadline will receive the total amount less the early premium.
The tender offers will remain open until 11:59 p.m. ET on March 29.
The issuers will also pay accrued interest up to but excluding the settlement date.
After the offers, the issuers and company plan to redeem any 2020 notes that remain outstanding.
The offers are contingent upon the pricing of an issue of senior notes but they are not conditioned on any minimum participation.
The information and tender agent is D.F. King & Co., Inc. (212 269-5550, 866 796-1290, dfking.com/marfrig or marfrig@dfking.com).
The dealer managers are BB Securities Ltd. (+44 20 7367-5803 or bbssettlements@bb.com.br), Banco Bradesco BBI SA (212 888-9145 or philipsearson@bradescobbi.com.br), HSBC Securities (USA) Inc. (888-HSBC-4LM, 212 525-5552 or LiabilityManagement@hsbcib.com), Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442 or liabilitymanagement@santander.us).
Marfrig is a Sao Paulo-based food processing company.
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