JBS SA cancels IPO of its US unit

by Meat&Poultry Staff
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DENVER – After postponing the initial public offering of its US unit twice, São Paulo, Brazil-based JBS SA finally canceled the offering, according to the Denver Post.

Greeley-based JBS USA Holdings Inc. said in a Securities and Exchange filing on Jan. 3 the company doesn't plan to "pursue the contemplated public offering at this time." No explanation was given for its decision.

Last week, JBS SA claimed it was in advanced talks to sell $2.3 billion of 8.5% local bonds to Brazil's state development bank called BNDES that are convertible into shares in five years. This agreement would allow JBS to replace debt the bank already holds, which, in turn, would eliminate the need for the IPO, JBS USA stated in a late December regulatory filing.
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