SAO PAULO, Brazil – The board of directors at Marfrig Global Foods SA approved the repurchase of up to $701.3 million in global bonds. The company is attempting to buy back debt as the Brazilian currency, the real, continues to slump.

Marfrig’s board approved an all-cash tender offer for $51.3 million in outstanding senior bonds issued by Marfrig Holdings which is a European subsidiary. The 11.25 percent senior notes are set to mature in September 2021.

The global bond repurchase includes senior notes set to mature in 2018, 2019 and 2020 valued at $500 million with the possibility to increase that amount up to $150 million. Some of the notes are held jointly with Marfrig Overseas Limited.