A VDQ Holdingsinvestment vehicle of the founding family of Minerva Foodsos Vmourn de Queiroz, launched on Monday (25) an operation to raise R$705 million for the “acquisition of equity interests”.
In the document sent to the Securities and Exchange Commission (CVM), the holding company does not make clear what type of acquisition it would be. Today, the family’s only investment is in Minerva. VDQ was contacted, but has not yet responded.
The VDQ operation will be carried out through the issuance of commercial notes, with remuneration of CDI + 3.60% per year, with maturity scheduled for November 15, 2029. The operation is expected to be closed this Thursday (29) .
Minerva generates liabilities
The operation takes place at a stage in which the meatpacking company controlled by the Vilela de Queiroz family has been looking for ways to manage its liabilities after committing to disburse R$ 7.5 billion for purchase of 16 factories from Marfrig in South America.
In August last year, Edison Ticle, CFO of Minerva stated that the company would study the various debt mechanisms in the capital market to make the R$6 billion anchor loan made by JP Morgan to make the operation viable. Since then, the company has issued debentures and bonds abroad to cover the acquisition.
Minerva ended the third quarter with net debt of R$7.4 billion, with leverage of 2.6 times net debt to operating profit (Ebitda). The data only considers the entry of R$ 1.5 billion given to Marfrig and has not yet taken into account the other R$ 5.7 billion that the company had to pay at the end of October.
In Minerva’s debt payment flow, apart from the agreement with Marfrig, the biggest expense is scheduled for the third quarter of 2025, with R$ 1.92 billion to be paid – throughout next year, the company will need to pay off R $3.63 billion.
