Brazilian packaged-food retailer BRF SA said June 29 that its board of directors approved an agreement with Banco Bradesco SA to grant the company an export credit note of approximately 1.1 billion reais, with semi-annual interests.

"BRF has been demonstrating intense focus on its liability management, targeting the lengthening of the average tenor of its debt and prioritizing the maintenance of a sound short-term liquidity," the company said in a statement.

The credit facility will mature June 5, 2023.

As of June 29, US$1 was equivalent to 3.85 Brazilian reais.