JBS plans for US unit IPO may be scrapped

by Meat&Poultry Staff
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SÃO PAULO, Brazil – Plans for an initial public offer of JBS SA’s US unit may be scrapped as the world’s largest beef producer seeks to extend the terms of a convertible debt sale to Brazil’s development bank – BNDES, according to Bloomberg.

According to a regulatory filing, JBS SA is in an advanced stage of negotiations to sell $2.3 billion of 8.5% local bonds to BNDES that must be converted into shares in five years. If the agreement is reached, the notes would replace $ 2.05 billion of debt BNDES already holds and eliminate the need for the planned IPO of JBS USA Holdings Inc.
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