Marfrig seeks consents to amend its $375 million 9 5/8% senior notes

By Susanna Moon

Chicago, March 16 - Marfrig Overseas Ltd. and Marfrig Alimentos SA said they began soliciting consents from the holders of Marfrig Overseas' $375 million of 9 5/8% senior notes due 2016 on Tuesday to amend restrictive covenants and to waive any past non-compliance.

Since the notes were issued, Marfrig has completed numerous acquisitions funded by debt and with equity capital increases, according to a company press release.

Marfrig said it is seeking consents "primarily to gain additional operating flexibility, in order to finance its operations in Brazil and internationally and to better compete with its principal competitors."

The consent solicitation will end at 5 p.m. ET on March 25.

Holders of record as of 5 p.m. ET on March may participate in the solicitation.

If a supplement to the indenture is executed, holders who deliver their consents will receive a fee of $30.00 per $1,000 principal amount in cash within five business days of the expiration.

D.F. King & Co., Inc. (800 290-6429 or call collect 212 269-5550, or e-mail marfrig@dfking.com) is the information agent.

Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the solicitation agent.

Marfrig Alimentos SA, formerly called Marfrig Frigorificos e Com de Alimentos SA, is a Sao Paulo-based meat company.

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