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BRF CEO Lorival Luz said that acquisitions or greenfield expansion anywhere in the world would be carried out in line with a rigid “financial discipline,” with the company committed to finishing an organisational turnaround.
BRF is still recovering from a food security probe that accused Brazilian meat-packers of colluding with health officials to avoid quality checks in 2017. The company reshuffled its management after the scandal. It is cooperating with the probe but has yet to have its permission to export to the European Union restored.
BRF’s recently named chief financial officer, Carlos Moura, was cited as saying the company would pre-pay 1.5bn Brazilian real ($249.7mn) of bank debt in the fourth quarter, in addition to 600mn real due in the final quarter of this year. The plans are part of efforts to lengthen debt maturities and cut loan costs in all currencies, he said.
5.4 External Debt
Major external financing obtained by Turkish borrowers
Total Renewal Maturity Tranche Cost Tranche Cost
Nov-19 Nov-19
Nov-19 Nov-19 Nov-19
Nov-19 Nov-19
Nov-19 Nov-19 Oct-19 Oct-19
Oct-19
Oct-19 Oct-19 Oct-19 Sep-19
Sep-17 Aug-19
Aug-19 Aug-19
Aug-19 Jul-19
Jun-19
May-28 May-19 May-19 May-19
Apr-19 Mar-19
(mn) Rate (days) 1 1 2 2
Vakifbank $580 82% 367 $240 Libor+2.25% €309 Euribor+2.10%
Vakifbank $150
TuREEFF $350 Central bank $5,000
Garanti $802 Finansleasing €50
Eximbank €500
Sisecam €100 Isbank $820 TEB $401 Yapi Kredi $950
Trakya Cam €200
Istanbul €110 Vakifbank $417 Istanbul €86
Akbank $810
TKB €14
Istanbul €73
Istanbul €98 ING Turkey $305
Educ. Min. €268 TSKB $177
Eximbank €180
Eximbank $350 Isbank $1,000
Garanti $784 Yapi Kredi $1,000
3.5-year
since 2015
project loan-backed funding
Garanti, Seker, Is,
Eximbank Ziraat
$84 Mitsubishi 2-year $1,422 Emirates NBD 1-year
46 TURKEY Country Report December 2019
www.intellinews.com
EBRD, EU Qatar
Residential Energy Efficiency Facility Raising $3bn August 2018 swap deal
YapiKredi Euribor+2.10%
Euribor+2.25%
Euribor+2.4% Euribor+2.10% Euribor+2.10% Euribor+2.10%
Euribor+2.95%
87% 367 $230
EBRD
1-year
EBRD 2-year grace
84% 367 $215 75% 367 $62 91% 367 $370
Libor+2.25% €519
Libor+2.35%
Libor+2.25% €545 Libor+2.25% €306 Libor+2.25% €520
Euribor+2.65% €25
Deutsche Bank securitization
3-year €175 5-year (2.5-year grace)
83% 367 $402 KFW
Libor+2.25%
Black Sea Libor+2.50% Libor+2.00%
Libor+2.50% Libor+2.50% Libor+2.50%
(2-year grace) (1-year grace)
EBRD 49%
IBRD 80%
ING Bank
7-year (3-year grace)
7-year (3-year grace) 367 $96
367 $68 5-year (3-year grace) 2.8-year (2.8-year grace)
€374 Euribor+2.10%
Trade and Development Bank €190 Euribor+2.40% €98 Euribor+2.00%
€645 Euribor+2.40% €409 Euribor+2.40% €607 Euribor+2.40%
€30 €849
ICBC
69% 367 63% 367 77% 367
$324
$326
$350
$50 $470
7-year (3-year grace) French Development Agency
