April 23, 2009
Brazil meatpacker JBS sells US$700M bond
Brazil's JBS S.A. on Wednesday (Apr 22) sold US$700 million in five-year bonds to yield 13 percent, according to a term sheet obtained from a fund manager.
JBS, which controls meatpacker Friboi, was expected to sell US$400 million in bonds.
JPMorgan, Bank of America, Credit Suisse, Rabobank and Bank of Montreal lead the sale. Proceeds will go to repay inter-company debt and other corporate purposes.
Terms were as follows:
Amount: $700 million
Maturity: May 1, 2014
Coupon: 11.625%
Price: 95.046
Yield: 13%
Spread: 1114 basis points over Treasurys
Ratings: B1 (Moody's Investors Service)
B+ (Standard & Poor's)
B+ (Fitch Ratings)
