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Brazil’s BRF offers cash for 4.35%, 4 7/8% notes; calls 4¾% notes
Chicago, Sept. 6 – Brazil’s BRF SA started a capped tender offer for two notes on Wednesday, according to a press release and a document. The company also announced a make-whole call for a separate series.
The tender offer will be capped at $200 million principal amount.
The company said it will be using cash to fund the offers.
Tender offer
Listed by acceptance priority level, the company is inviting holders to tender from the:
• $499,282,000 outstanding 4.35% senior notes due 2026 issued by Austrian subsidiary BRF GmbH (Cusips: 05583BAA7, A08163AA4) for a total consideration of $952.50 per note; and
• $588,307,000 outstanding 4 7/8% senior notes due 2030 issued by BRF SA (Cusips: 10552TAG2, P1905CJX9) for a total consideration of $870 per note.
The total considerations are based on $1,000 notes and include $30 early tender premiums that will only be paid to noteholders who tender by the early deadline. Interest will also be paid to the applicable settlement date.
Noteholders who tender before the early deadline be given priority over noteholders who tender after the early deadline.
Tenders may be prorated.
Call
The company is also planning a make-whole redemption of its 4¾% senior notes due 2024, of which there are $295,363,000 outstanding.
Notice was sent to holders on Sept. 5.
Settlement is planned for Oct. 5.
Details
The early tender date is 5 p.m. ET on Sept. 19, also the withdrawal deadline.
There may be an early settlement date, possibly Sept. 21.
The offer expires at 5 p.m. ET on Oct. 4.
Final settlement is expected on Oct. 5.
BofA Securities, Inc. (646 855-8988, 888 292-0070) and Santander US Capital Markets LLC (212 940-1442, 855 404-3636) are the dealer managers.
D.F. King & Co., Inc. is the information and tender agent for the offer (866 416-0577, 212 269-5550, brf@dfking.com).
The food processing company is based in Sao Paulo.
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