Minerva to Extend Curve

Minerva has launched a cash tender offer targeting three series of pricey bonds, it says, and will meet investors starting today ahead of a likely 10-year new issue, according to sources familiar with the process. The Brazilian meatpacker is to visit London, New York, Boston and Los Angeles through Wednesday. The proceeds will be used to repurchase the 9.500% 2017, 10.875% 2019 and 12.250% 2022 bonds involved the tender. Minerva is offering $1,105 per $1,000 principal of the 2017s, $1,200 per $1,000 of the 2019 and $1,262 per $1,000 of the 2022. The prices include a $30 per $1,000 bonus for holders accepting before a January 25 early deadline. The full offer expires February 8. There is $34m outstanding in the 2017 bond, $372m of the 2019 and $450m of the 2022, and Minerva has set a $500m cap on the buyback. BTG Pactual, HSBC and Credit Suisse are managing the tender and new issue. Peer Marfrig is also on the road ahead of a likely $300m 2017, and is scheduled to finish a roadshow Tuesday.