SAO PAULO (S&P Global Ratings) July 6, 2021--S&P Global Ratings said today that the proposed $400 million add-on to Minerva Luxembourg S.A.'s senior unsecured notes due March 2031 won't affect the 'BB' issue-level rating on them. The parent company, Minerva S.A. (BB/Stable/--), fully guarantees the notes. The recovery rating of '4' with a recovery expectation of 40% (rounded) on the notes also remains unchanged. Minerva will use the cash proceeds for debt refinancing and general corporate purposes, with no impact on our leverage forecast. We currently expect Minerva's EBITDA margin to drop to 8.5%-9.5% in 2021 from about 11% in 2020, reflecting higher cattle costs in Brazil, currently at R$310 – R$320 per arroba, where about 45% of Minerva's slaughtering
