Minerva plans to conduct a R$ 2 billion offering in Agribusiness Receivables Certificates (CRA), structured in five series with maturities ranging from five to ten years. S&P Global has assigned a preliminary rating of ‘brAAA’ to the issuance.
The details of the series are as follows:
- First Series: Offers interest at 105% of the CDI rate per year, with a five-year term and a single payment at the end of the period.
- Second Series: Provides interest at either the DI rate + 0.6% annually or 13.6% per year, whichever yields more. It has a five-year term, with a single payment at the end.
- Third Series: Has an interest rate equivalent to the DI rate + 0.7% per year, a seven-year term, and a single payment at maturity.
- Fourth Series: Will pay either DI + 0.75% annually or 13.75% per year, depending on the more profitable option. It has a seven-year maturity with a single payment at the end.
- Fifth Series: Offers an interest rate of either DI + 0.95% per year or 14% per year, based on the higher yield. This series has a ten-year term, with payments made in three annual installments during the final three years of the operation.
The CRA notes will be backed by debentures issued by Minerva and are being managed by Virgo Securitizadora.
