JBS refinancing debt in light of Seara acquisition
July 8, 2013
by Meat&Poultry staff
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SÁO PAULO, Brazil - JBS SA is in talks with several Brazilian banks to refinance debt that was assumed when it acquired Seara Brasil, a local poultry producer and processed foods brand owned by Marfrig Alimentos, according to Reuters. Jeremiah O'Callaghan, JBS's head of investor relations, said on the sidelines of an event in Sao Paulo last week that banks involved in the talks include Banco do Brasil , Caixa Economica, Bradesco, Itau Unibanco and Santander Brasil.
On June 10, JBS announced its acquisition plans, which includes the assumption of $2.75 billion in debt The deal also included the company's Zenda tannery unit in Uruguay. The purchase would see JBS, which had total debt of R$21.2 billion ($9.94 billion) at the end of last quarter, overtake Springdale, Ark.-based Tyson Foods Inc. as the top poultry producer globally.