Independencia Approaches Buyside

Brazil’s Independencia is preparing to pitch the buyside on a new debt transaction, according to investors following the meatpacker. US boutique BTIG is managing the process, they say. It had previously been reported that Independencia is contemplating a $260m cross-border issue in lieu of a DIP facility it previously hoped to raise with funds and banks to help it start up operations. A BTIG fixed income official declines to comment.