Brazilian food producer Seara, a subsidiary of global meatpacker JBS, on Wednesday raised 1.5 billion reais ($276 million) in agribusiness receivables certificates, Reuters reported, citing two people familiar with the transaction.

The certificates, known in Brazil as CRAs, are fixed income securities backed by receivables in the agribusiness sector.

This is the first time Seara, which produces pork, poultry and ready meals, has raised capital using this type of security. Its parent JBS has been accessing the CRAs market since 2019, having raised, before today, a total of 11.6 billion reais.

According to one of the people familiar with the transaction, entering the CRA market is important for Seara because this type of security offers tax benefits for investors, allowing Brazilian companies to raise capital at competitive rates.

Demand for Seara's CRAs reached 2.5 billion reais, according to the sources.

($1 = 5.4406 reais)