Brazil’s Marfrig buys $71.78 million of notes in market transactions

New York, April 4 – Marfrig Global Foods SA’s subsidiaries Marfrig Overseas Ltd. and Marfrig Holdings (Europe) BV said that they bought back $71,778,000 of notes in open market repurchases between Oct. 9, 2015 and Feb. 18.

The buybacks leave $2.26 billion of notes outstanding.

Marfrig said the repurchases were part of the commitment to improve its capital structure included in its strategic plan.

The buybacks and notes outstanding are as follows:

• Marfrig Overseas has $183,876,000 of its 9 5/8% senior notes due 2016 outstanding. None were bought back;

• Marfrig Holdings bought back $2,147,000 of its 9 7/8% senior notes due 2017, leaving $153,157,000 outstanding;

• Marfrig Holdings bought back $6,922,000 of its 8 3/8% senior notes due 2018, leaving $567,108,000 outstanding;

• Marfrig Holdings bought back $50,693,000 of its 6 7/8% senior notes due 2019, leaving $660,336,000 outstanding;

• Marfrig Overseas bought back $10,745,000 of its 9½% senior notes due 2020, leaving $669,737,000 outstanding; and

• Marfrig Holdings bought back $1,271,000 of its 11¼% senior notes due 2021, leaving $27,839,000 outstanding.

In September and October Marfrig carried out a tender offer for four series of notes in which it purchased $22,226,000 of Marfrig Holdings’ 11¼% senior notes due 2021, $138,971,000 of Marfrig Overseas’ 6 7/8% senior notes due 2019, $150,821,000 of Marfrig Holdings’ 8 3/8% senior notes due 2018 and $94,518,000 of Marfrig Overseas’ 9½% senior notes due 2020. The latest repurchases are in addition to the tender transactions.

Marfrig is a Sao Paulo-based food processing company.

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