Marfrig Gets Secured Facility

Brazilian meatpacker Marfrig has raised a BRL250m 2-year loan through Banco do Brasil. The facility has a 1-year grace period and pays a fixed annual rate of 11.25%, according to a company official. It is backed by export credit notes and designed to improved diversification of Marfrig’s funding sources, according to a statement filed with CVM. The general strategy involves tapping funds in the currencies of the countries where Marfrig does business, says the statement. Marfrig exports to most companies in the Americas, East Asia and Europe.