SÃO PAULO, Brazil – JBS S.A. announced on its website that it has prepaid $700 million in debt to Bank of China, Banco Santander Brasil SA, Banco Bradesco SA and Banco do Brasil SA.

The Brazilian-based pork producer said it planned on prepaying $400 million of debt in May, but the effective amortization occurred into June raising the amount to $700 million.

“This amortization reflects the Company's strategy to reduce debt with collateral and consequently decrease financial expenses, in addition to extending its average payment term to 6.1 years, thus improving its debt profile,” the company said in an investor relation statement.

JBS still remains with a debt balance of $1.7 billion.