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Moody's rates JBS USA notes Ba3
Moody's Investors Service said it assigned a Ba3 rating to $650 million of unsecured 10-year notes proposed to be co-issued by JBS USA Lux SA, JBS USA Finance, Inc. and JBS USA Food Co.
The co-issuers are indirect wholly owned subsidiaries of JBS SA.
The new notes will be guaranteed by the parent and several restricted subsidiaries, excluding Pilgrim's Pride Corp., Moody's said.
The other ratings of JBS USA and the stable outlook are unaffected.
The proceeds from the proposed notes will be used to redeem any of the 7¼% unsecured notes due 2021 that are tendered pursuant to a tender offer launched concurrently with the notes offering, Moody's said.
The amount outstanding of the 2021 notes, which are also guaranteed by the parent and previously issued by the same co-issuers, is about $662 million, the agency said.
The company's instrument ratings are driven primarily by the JBS's corporate family rating, Moody's said.
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