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BRF begins tender offer for up to $300 million from five series
Chicago, July 17 Brazils BRF SA and subsidiary BRF GmbH launched a cash tender offer for up to $300 million aggregate tender consideration from five series of notes, according to a press release.
The offer covers the following series, listed in order of acceptance priority level:
$109,312,000 outstanding of the 5 7/8% senior notes due 2022 (ISINs: US10552TAA51, USP1905CAA82), any and all for this series, for a tender consideration of $1,050 per $1,000 principal amount of notes;
324,781,000 outstanding of the 2Ύ% senior notes due 2022 (ISINs XS1242327325, XS1242327168) for a tender consideration of 1,015 per 1,000 principal amount of notes;
$345,989,000 outstanding of the 3.95% senior notes due 2023 (ISINs: US10552TAE73, USP1905CAD22) for a tender consideration of $1,018.50 per $1,000 principal amount of notes;
$517,858,000 outstanding of the 4Ύ% senior notes due 2024 (ISINs: US10552TAF49, USP1905CAE05) for a tender consideration of $1,031 per $1,000 principal amount of notes; and
$500 million outstanding of the 4.35% senior notes due 2026 issued by BRF GmbH (ISINs: US05583BAA70, USA08163AA41) for a tender consideration of $992.50 per $1,000 principal amount of notes.
The issuers will not be pro rating any series. An entire series will either be accepted or rejected. If too many notes are tendered in a series, exceeding the cap, the series will not be repurchased.
The exchange rate being used for the Euro notes is 1.00 to $1.1382, the rate at market close on July 16.
The offer expiration and the withdrawal deadline is 8:30 a.m. ET on July 24.
Settlement is expected for July 27.
The guaranteed delivery date and time is 5 p.m. ET on July 28.
Settlement for guaranteed delivery is July 30.
Morgan Stanley & Co. LLC is the dealer manager (800 624-1808, 212 761-1057).
D.F. King & Co. Inc. is the information and tender agent (212 269-5550, 888 605-1956, +44 (0) 20 7920-9700, brf@dfking.com, www.dfking.com/brf).
BRF is a food company based in Sao Paulo, Brazil.
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