JBS USA ups term B to $2.8 billion, cuts spread to Libor plus 250 bps

By Sara Rosenberg

New York, Jan. 27 – JBS USA Lux SA upsized its term loan B due Oct. 30, 2022 to $2.8 billion from $2.09 billion and reduced pricing to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.

The term loan B still has a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

Barclays is the bookrunner on the deal.

Recommitments were due at 5 p.m. ET on Friday, the source said.

Proceeds will be used to refinance existing term loan B debt due in 2018, 2020 and 2022 into one term loan B tranche, and the upsized amount will be used for general corporate purposes, the source added.

JBS is a Greeley, Colo.-based animal protein products processing company.

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