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Brazil’s Minerva pulls perpetual bond sale due to market conditions
New York, April 16 – Minerva Luxembourg SA, a subsidiary of Minerva SA, has abandoned plans to price an offering of dollar-denominated perpetual bonds because of market conditions, according to a news release.
“Given the current conditions in the international debt capital markets, Minerva Luxembourg has decided not to pursue an offering of new notes at this time,” the company said.
The planned deal was announced on March 20 along with a tender offer for the existing $300 million 8¾% perpetuals and a roadshow began on March 21 and ran through March 26.
BofA Merrill Lynch, Bradesco, BTG Pactual, HSBC and Itau were leading the proposed bond offering.
Minerva has also terminated the tender offer, which was to have expired on April 16.
The company is a Barretos, Brazil-based food processor.
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