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JBS issues early results for $1.1B tender offer to redeem notes

Brazilian meat processor JBS SA on Aug. 5 reported early results of its $1.1 billion cash tender offer announced July 23 and said it has redeemed $862.2 million in aggregate principal amount of senior notes due 2023 and 2024.

The company redeemed $413.1 million of 6.25% senior notes due 2023, representing 53% of the $775 million of the 2023 notes outstanding, and $449.1 million of 7.25% senior notes due 2024, representing 60% of the $750 million of the 2024 notes outstanding.

JBS said since the amount of 2023 notes tendered exceeds the maximum tender amount of $350 million, the tendered notes will be prorated.

The company will settle each of its $1,000 principal amount of 2023 notes for $1,022.08 and $1,000 of 2024 notes for $1,039.75.

The offer price includes the early tender premium of $30 per $1,000 principal amount of notes for holders who validly tendered their notes before 5 p.m. ET on Aug. 5.

The company also received consent from holders of the 2024 senior notes to amend restrictive covenants and related provisions in the indentures governing the notes.

The cash tender offer is set to expire at 11:59 p.m. ET on Aug. 19.

Barclays Capital Inc. is acting as dealer manager for the tender offers and as solicitation agent for the 2024 notes.