This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Market News
Minerva Raises $1bn via New Bonds to Fund Buyback
March 4, 2021
Brazilian beef company Minerva raised $1bn via a 10NC5 bond at a yield of 4.5%, 25bp inside initial guidance of 4.75% on Wednesday. Proceeds will be used to fund the buyback of up to $1.2bn of its outstanding 6.5% 2026s. Minerva is offering $1,062.80 for every $1,000 in principal to bondholders who tender by the early deadline of March 12 and $1,032.80 for every $1,000 until the final deadline of March 26. The bonds are currently trading at 106.3 on the secondary markets. Minerva has a credit rating of BB/Ba3/BB, with the latest rating action being an upgrade by Fitch in October last year. The notes received orders of 1.6bn, 1.6x issue size. BTG Pactual, HSBC, Itaú BBA, JPMorgan, Bradesco, Santander and XP arranged the deal, and are the managers for the buyback.
For the full story, click here
Go back to Latest bond Market News
Related Posts:
BondbloX is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.