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.
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