Frigorífico Concepción’s $300 Million Notes Offering

BKM advised Wilmington Trust on the offering, while Cleary Gottlieb represented Frigorífico Concepción S.A.

Frigorífico Concepción (FriCon) executed its offering of $300 million 7.7% notes due 2028.

BofA Securities acted as lead manager on the offering. Oppenheimer & Co. Inc. acted as co-manager for the notes offering.

Proceeds will be used to finance a cash tender offer on existing debts and for general corporate purposes.

FriCon is one the leading beef processing companies in Paraguay, as well as the leading exporter of beef from Paraguay in 2020 and each year from 2010 to 2017. Its principal activities are the slaughtering, deboning, processing, marketing and distribution of beef products and by-products, either refrigerated or frozen.

BKM advised Wilmington Trust acting as trustee with a team including Milena Sljivich (Picture) and Martín Carlevaro.

The Cleary team advising FriCon included Buenos Aires based partner Andrés de la Cruz, New York based partner Adam Brenneman, Buenos Aires based counsel Emilio Minvielle, New York based associate Rita Sobral, and Buenos Aires based international lawyer Juan Ignacio Leguízamo. Partner Jason Factor and associates Victoria Ju and Jeeihn Lee advised on tax matters from the New York office.

Involved fees earner: Martín Carlevaro – Berkemeyer Attorneys & Counsellors ; Milena Sljivich – Berkemeyer Attorneys & Counsellors ; Adam Brenneman – Cleary Gottlieb Steen & Hamilton; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Victoria Ju – Cleary Gottlieb Steen & Hamilton; Jeeihn Lee – Cleary Gottlieb Steen & Hamilton; Juan Ignacio Leguízamo – Cleary Gottlieb Steen & Hamilton; Emilio Minvielle – Cleary Gottlieb Steen & Hamilton; Rita Sobral – Cleary Gottlieb Steen & Hamilton;

Law Firms: Berkemeyer Attorneys & Counsellors ; Cleary Gottlieb Steen & Hamilton;

Clients: Frigorífico Concepción; Wilmington Trust;