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Brazil's Marfrig gets early tenders for $222.73 million notes, lifts cap
By Susanna Moon
Chicago, April 8 - Marfrig Global Foods SA announced the early tender results for Marfrig Holdings (Europe) BV's tender offer for up to $100 million principal amount of its $400 million 11¼% senior notes due 2021.
The company also is tendering for an amount of its $600 million 9 7/8% senior notes due 2017 equal to $130 million less the total amount of 11¼% notes purchased.
The total purchase amount was bumped up from the original $125 million amount, according to a company press release.
As of 5 p.m. ET on April 7, the early tender date, investors had tendered $57,135,000 principal amount, or 14.28%, of the 11¼% notes and $165.59 million principal amount, or 27.6%, of the 9 7/8% notes.
The total purchase price for each $1,000 principal amount of notes tendered by the early tender deadline will be $1,075 for the 11¼% notes and $1,050 for the 9 7/8% notes. Each total amount includes an early tender payment of $35 for each $1,000 principal amount.
Those who tender after the early tender deadline will receive the total payment less the early tender premium.
The company also will pay accrued interest up to but excluding the settlement date.
The tender offer will end at 11:59 p.m. ET on April 22.
Tendered notes may no longer be withdrawn as of the early tender deadline.
The principal purpose of the tender offers is to reduce interest expense by retiring a portion of the outstanding debt using cash on hand, according to a company press release.
The dealer managers are Banco Bradesco BBI SA (attn: fixed income division, collect 212 888-9145), BTG Pactual US Capital (collect 212 293-4600), Deutsche Bank Securities Inc. (attn: liability management, collect 212 250-6429) and Morgan Stanley & Co. LLC (attn: liability management, 800 624-1808 or collect 212 761-1057). The information agent and tender agent is D.F. King & Co., Inc. (212 269-5550 or 800 967-4604).
Marfrig is a food processing company based in Sao Paulo, Brazil.
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