Brazil's BRF seeks to refinance bank debt -paper
SAO PAULO, July 4 (Reuters) - Brazilian food processor BRF SA is attempting to refinance the debt it owes to multiple banks, opening a new front in its wide-reaching plans to bolster its finances, a Brazilian newspaper reported on Wednesday.
Newly installed Chief Executive Pedro Parente has already sat down with representatives of Banco do Brasil SA, Banco Bradesco SA, and Itaú Unibanco Holding SA , in a bid to lengthen the maturity of the company’s debt, paper Estado de S. Paulo said, without specifying how it obtained the information.
While it was not clear how much debt the firm was trying to refinance, Estado said the company had 20 billion reais ($5.14 billion) in debt at the end of March, 4.5 billion reais of which comes due this year.
Representatives for BRF, Itaú, and Banco do Brasil did not immediately respond to requests for comment. Bradesco declined to comment.
BRF said to Estado that it is “always discussing funding and debt maturity alternatives with banks.”
In June, Parente, formerly at state-controlled oil company Petroleo Brasileiro SA, took over as chief executive. Last week, the firm, one of the world’s largest pork and poultry producers, announced a large restructuring plan that included selling operations in Europe, Argentina, and Thailand to cut debt.
($1 = 3.89 reais)