By Reshmi Basu
New York, Feb. 6 - Minerva Overseas Ltd. reopened its 9½% notes due 2017 (/B/B+) to add $50 million, according to a market source.
The deal priced at 98.125 to yield 9.797%.
The reopening brings the total size of the deal to $200 million.
The parent of the financing subsidiary, Brazilian beef exporter Industria e Comercio de Carnes Minerva Ltda., will guarantee the unsecured unsubordinated notes.
Meanwhile the proceeds will be used to refinance short-term debt and for general corporate purposes.
The notes will also be non-callable.
Credit Suisse was the bookrunner for the Rule 144A and Regulation S transaction.
On Jan. 19, Minerva placed a $150 million offering of the original notes at 97.646 to yield 9 7/8%.
Issuer: Minerva Overseas Ltd.
Guarantor: Industria e Comercio de Carnes Minerva Ltda.
Issue: Reopening of unsecured unsubordinated notes due 2017
Amount: $50 million in reopening
Total amount: $200 million
Maturity: Feb. 1, 2017
Coupon: 9½%
Issue price: 98.125
Yield: 9.797%
Call option: Non-callable
Pricing date: Feb. 6
Settlement date: Feb. 9
Bookrunner: Credit Suisse
Distribution: Rule 144A/Regulation S
Ratings: Standard & Poor's: B
| Fitch: B+
|
| Price guidance: | 10% to 10¼% area
|
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