Minerva Plans Private Share Sale

Brazilian beef producer Minerva says it plans to raise between BRL100m-BRL160m through a private share sale. The company says its controlling shareholder, which according to Economatica is called Vdq Holdings and holds 68% of the company’s shares, will participate in the offering to maintain its current stake. The funds are being used to pay down debt and for working capital for its greenfield projects. Minerva went public in July 2007 via Credit Suisse and Itau BBA. It also has $200m in outstanding 9.5% 2017 bonds, which it last reopened in February 2007.