Keystone Renews Credit Facility26 March 2013
BRAZIL - Brazilian meat processor Marfrig Group and its wholly-owned subsidiary Keystone Foods is to renew its $600 million credit facility for Keystone Foods through Rabobank.
The total commitments received surpassed the targeted facility amount and the bank group will be expanded to include new lenders to the facility.
The closing is expected to occur within the next few weeks. ING and SunTrust are Joint-Leader Arrangers for the credit facility.
The $600 million credit facility is made up of a $200 million, seven year Term-Loan and a $400 million, five year Revolver and will replace the current facility that matures in November 2014.
This process normalises 2014 debt maturities across the Group debt profile and represents another step towards strengthening the group's capital structure, following recent equity and senior notes issuances in December last year and January of this year, which together brought R$2.2 billion to the Group.
TheMeatSite News Desk