Brazil’s Marfrig takes in $1.51 million more notes in tender offer

New York, March 30 – Marfrig Global Foods SA said it received valid tenders for a further $1.51 million of the $281,911,000 of outstanding 8 3/8% senior notes due 2018 issued by Marfrig Holdings (Europe) BV and $484,729,000 of outstanding 9˝% senior notes due 2020 issued by Marfrig Overseas Ltd. in its tender offer to buy those securities.

The additional notes were submitted for purchase after the early tender date of 5 p.m. ET on March 15 but before the expiration of 11:59 p.m. ET on March 29, according to a news release.

At the conclusion of the offer, the tally was $66.07 million, or 23.44%, of the 8 3/8% notes, up from $65.26 million as of the early tender date, and $280,345,000, or 57.84%, of the 9˝% notes, up from $279,745,000 as of the early tender date.

All validly tendered notes were accepted for purchase.

Marfrig said it intends to redeem the remaining 9˝% notes.

The tender was announced on March 2.

Marfrig said it would pay $1,060.00 per $1,000 principal amount for the 8 3/8% notes and $1,027.00 per $1,000 principal amount for the 9˝% notes.

Those sums include an early tender premium of $30.00 for each $1,000 principal amount of notes tendered by the early deadline.

The issuers will also pay accrued interest up to but excluding the settlement date.

The offers were contingent upon the pricing of an issue of senior notes but they are not conditioned on any minimum participation. Marfrig said it settled a sale of new notes on March 15.

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).

The information and tender agent is D.F. King & Co., Inc. (212 269-5550, 866 796-1290, dfking.com/marfrig or marfrig@dfking.com).

Marfrig is a Sao Paulo-based food processing company.

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