Marfrig tenders for up to $1.25 billion 6 7/8%, 7% notes due 2024, 2025

By Cady Vishniac

Detroit, Jan. 11 – Marfrig Global Foods SA has launched cash tender offers for up to $1.25 billion of its 6 7/8% senior notes due 2024 (ISINs: US566007AB67, USG5825AAB82) and its 7% senior notes due 2025 (ISINs: US566007AA84, USG5825AAA00) issued by MARB BondCo plc, according to a press release.

The 2024 notes will be purchased at $1,007.50 per $1,000 face amount and the 2025 notes at $995 per $1,000 face amount, plus interest.

Holders who tender their notes by the early deadline of 5 p.m. ET on Jan. 25 will receive an additional early tender premium of $30 per $1,000 face amount.

The notes are subject to acceptance priority levels with the $1 billion of currently outstanding 6 7/8% notes at acceptance priority level one and the $750 million of 7% notes at acceptance priority level two.

The company currently intends to redeem all notes not tendered as part of this offer at 101.75 for the 2024 notes and 103.438 for the 2025 notes, in both cases less than the total consideration due to holders who tender their notes before the early tender deadline.

The offers will expire at 11:59 p.m. ET on Feb. 8.

The information and tender agent is D.F. King & Co., Inc. (212 269-5550, 800 290-6424, marfrig@dfking.com).

The dealer managers are BNP Paribas Securities Corp. (888 210-4358, 212 841-3059, dl.us.liability.management@us.bnpparibas.com), Banco Bradesco BBI SA (646 432-6642, daniel.fuccillo@bradescobbi.com), HSBC Securities (USA) Inc. (888 472-2456, 212 525-5552, lmamericas@us.hsbc.com), J.P. Morgan Securities LLC (866 846-2874, 212 834-7279), Santander Investment Securities Inc. (855 404-3636, 212 940-1442, liabilitymanagement@santander.us), Jefferies LLC (888 708-5831, 203 708-5831, tlepore@jefferies.com), Banco BTG Pactual (fax: 212 293-4609, ol-dcm@btgpactual.com), Banco Safra SA (backofficecayman@safra.com.br), Itau BBA USA Securities, Inc. (888 770-4828, 212 710-6749, IBBA_Syndicate@correio.itau.com.br), Rabo Securities USA, Inc. (JanHendrik.Graaff@rabobank.com) and UBS Securities LLC (888 719-4210, 203 719-4210, dl-synd-stamford@ubs.com).

Marfrig Global Foods is a Sao Paulo-based food processing company.

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