IEG Vu is part of the Business Intelligence Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. Please do not redistribute without permission.

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

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

Advertisement

Topics

What to read next

Advertisement
UsernamePublicRestriction

Register

CO193466

Ask The Analyst

Please fill in the form below to send over your enquiry or check the Ask The Analyst Page to find out more about the service

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel