JBS USA refinances $1B debt
September 16, 2013
by Meat&Poultry Staff
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GREELEY, Colo. – JBS USA, a subsidiary of São Paulo, Brazil-based JBS S.A., announced plans to refinance $1 billion in debt. The company also borrowed $500 million as an incremental term loan.
JBS USA said it would use proceeds from the transactions to extend its debt maturity by refinancing its shorter term debt and through taking out senior unsecured notes that will be due in 2014.
"The conclusion of both these issuances is another important step in improving the debt profile of JBS and represents a cost reduction in the order of $40 million per annum in debt servicing costs, thus generating value for the Company’s shareholders," the company said.