IMC raises R$ 200 million to exchange expensive debt for cheap
IMC-owner of Vienna, Roasted Chicken and Pizza-has raised $ 200 million with bond emissions that will replace expensive debts that the company has in the balance sheet.
The bond costs CDI + 3.6 % and has a term of five years, due in March 2028 and a repayment -free period of 36 months for the first amortization.
The debts to be paid had already had CDI +5%, some of which had wages and salary all year round. UBS BB coordinated the debt decree and I was 100% satisfied with the release. In the future, the bank can distribute the titles to other investors.
At the end of the third Tri, the last report, IMC had a gross debt of $ 610 million and a net debt of $ 305 million, which corresponds to the 2.5-fold of EBITDA in the past 12 months. Covenants limited the leverage to 3x.
During the fourth tri, IMC reduced its overall debt through the sale of 13 branches in Panama for $ 210 million; Half of this value was used to repay debt.
The renewed debt comes for the credit market at a difficult time because many companies are trying to increasingly level their capital structure, banks and creditors.
Cost reductions in this environment are an evidence of trust from UBS BB for the IMC strategy after the company has literally eaten the bread kneaded by the devil in pandemic.
In recent years, CEO Alexandre Santoro has focused on increasing operational efficiency, the rationalization of business through the sale of some assets and improving the capital structure.
IMC’s latest bond emission was published in 2020 at the peak of the pandemic. IMC has a net assets of $ 580 million in its pocket. The company’s largest shareholder is UV Director, who has 29 % of the share capital. The company recently removed a toxic pill that forced a shareholder to hand over 30 % in order to offer them throughout the company.
