Brazil’s JBS scraps tender offer for $900 million 8¼% notes due 2018

By Susanna Moon

Chicago, Dec. 8 – Brazil’s JBS SA said it terminated the cash tender offer for $900 million of 8¼% notes due 2018 issued by JBS Finance II Ltd.

The tender offer had been conditioned on completion of an offering of new senior notes by JBS USA, LLC and JBS USA Finance, Inc., each a subsidiary of JBS, according to a company press release.

“Given the conditions in the debt capital markets, JBS has decided not to pursue this refinancing opportunity of the notes at this time,” the press release said.

JBS USA LLC postponed its $750 million offering of 10-year senior notes due to market conditions on Dec. 8, as reported by Prospect News.

The tender offer had been set to end at midnight ET on Dec. 31. The offer began Dec. 3.

As previously announced, the total payment would have been $1,047.25 for each $1,000 principal amount of notes, including a $30.00 early tender payment for notes tendered by 5 p.m. ET on Dec. 16.

JBS also would have paid accrued interest.

Those who tender after the early deadline will not receive the early tender payment.

BofA Merrill Lynch (888 292-0070 or 980 388-3646) was the dealer manager, and D.F. King & Co., Inc. (866 751-6315 or collect at 212 269-5550; jbs@dfking.com) was the information agent and tender agent.

JBS is a meat company based in Sao Paulo. JBS USA is based in Greeley, Colo.

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