S&P assigns BB to Minerva bond

S&P said it assigned BB issue-level and 4 recovery ratings to Minerva Luxembourg SA’s planned senior unsecured notes. The 4 recovery rating indicates an average recovery of 40%. Parent Minerva SA, rated BB, and Athena Foods SA will guarantee the notes.

The company will use the cash proceeds primarily for liability management, extending its debt maturity profile and lowering interest costs, but also could be used to fund partly the recently announced acquisition of Marfrig Global Foods SA's plants.

The outlook is stable.

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