Brazil’s Minerva Food exercised a doomsday call on its 6.5% 2026s last Friday in a bid to lower capital costs by 200bp. This comes after Minerva raised ~$294mn via debentures in the local market on April 20 to refinance high-cost debt in foreign currency with cost savings of 250bp. Proceeds will be partially used to manage liability and to extend the debt profile, with a reduction in gross debt and the cost of Minerva Foods’ capital structure.
Minerva’s 5.875% bonds due 2028 traded slightly lower to 106.41 yielding 3.64%.
Mexico’s automotive metal structures company Metalsa received tendered bonds worth $181mn from bondholders of its 4.9% 2023s or 60.4% of the outstanding amount by the early April 30 deadline. Metalsa agreed to pay $1,065 for every $1,000 in principal. Bank of America and Citi were the deal managers of the offering. This follows Metalsa’s $300mn sustainability-linked bond (SLB) priced on April 22, offering to pay a higher rate if greenhouse gas emissions are not reduced by 20% by 2031 and lower water use by 39% by 2030. Bank of America and Citi were also the bookrunners of the deal.
Metalsa´s USD bonds were stable. Its 4.9% 2023s at 106.031, yielding 1.77%.
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