By Aleesia Forni and Christine Van Dusen
Virginia Beach, June 11 – Marfrig Holdings (Europe) BV priced $850 million of 6 7/8% five-year senior notes (B2/B/) at par on Tuesday, according to an informed source.
The notes will be guaranteed by Marfrig Global Foods SA and Marfrig Overseas Ltd.
Proceeds will be used to fund a tender offer and to refinance short-term debt.
BTG Pactual, HSBC, Itau BBA and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S without registration rights deal.
Marfrig is a food processing company based in Sao Paulo.
| Issuer: | Marfrig Holdings (Europe) BV
|
| Guarantor: | Marfrig Global Foods SA, Marfrig Overseas Ltd.
|
| Amount: | $850 million
|
| Description: | Notes
|
| Maturity: | June 24, 2019
|
| Bookrunners: | BTG Pactual, HSBC, Itau BBA, Morgan Stanley
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Trade date: | June 10
|
| Settlement date: | June 24
|
| Change-of-control put: | 101%
|
| Equity clawback: | 35%
|
| Ratings: | Moody’s: B2
|
| Standard & Poor's: B
|
| Price talk: | 7¼% area
|
| Distribution: | Rule 144A, Regulation S
|
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