Minerva reduces currency exposure
Approved in late May by the board at Minerva, the issuance of R$ 420 million in convertible debentures will be used by the company to reduce its foreign exchange exposure against the dollar, said President Fernando de Queiroz Galetti. "It's a way to adjust our debt to the company’s revenue profile," he said.
He added that the company will raise resources in the short term, but did not specify a date. Altogether, Minerva will issue 4,200 debentures, maturing in ten years, with a unit value of R$ 100,000. Minerva’s currency exposure was responsible for bringing down its results in the first quarter, when it made a net loss of R$ 66.7 million.