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Marfrig negotiating debt with BNDES

With a net debt of R$ 8.3 billion, Marfrig is negotiating payment of R$ 250 million to R$ 270 million with Brazil’s state-owned development bank, BNDES, which matures in July, with an annual coupon of compulsorily convertible debentures purchased by the bank in 2010.

Marfrig intends to defer the payment of at least for this portion of debentures to July 2015, at which time the debentures held by the BNDES, which already holds a 14% stake in the company, will be converted into shares.

Marfrig says it will only comment on the subject by means of a formal announcement to the market. It is unclear whether the negotiations between the company and the bank also include the rollover of the payment of coupons related to July 2013, 2014 and 2015. With this year’s payment, these coupons could total R$ 1 billion, if the average interbank deposit rate remains stable.

The BNDES says that “the terms and conditions of payments of interest are those provided in the deed for the debentures”.

Information provided by Valor Economico


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