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S&P gives Frigorifico Concepcion notes B
S&P said it assigned a B rating to Frigorifico Concepcion SA’s planned senior secured notes and revised the company’s outlook to stable from positive.
The rating is in line with the rating on Frigorifico’s outstanding $300 million of senior unsecured notes due 2028.
Part of the bonds' proceeds will support capital expenditures expansion, allowing for an estimated increase in heads processed of 20% in 2024 and 40% in 2025, especially after obtaining an export license for the U.S. from its Paraguayan facility and to China from its Brazilian subsidiary.
The company also is launching a consent solicitation to its 2028 bondholders to waive its debt incurrence covenant and to incorporate the same collateral package that's in the planned notes.
“The stable outlook reflects the company's stronger business risk profile, balanced by the risks stemming from higher leverage due to the need to continue investing heavily,” S&P said in a press release.
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