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Prospect News home > News index > List of issuers J > Headlines for JBS USA Finance, Inc. > News item |
S&P rates JBS USA notes BB-
S&P said it assigned a BB- rating to JBS USA Lux SA's, JBS USA Finance Inc.'s and JBS USA Food Co.'s proposed $650 million senior unsecured notes due 2029.
The agency also said it assigned a 3 recovery rating to the proposed notes, indicating 50% to 70% expected default recovery.
JBS USA's parent company, JBS SA, will fully and unconditionally guarantee the notes.
Therefore, recovery expectations for these notes are in line with all of JBS USA's other senior unsecured guaranteed notes.
JBS USA will use the proceeds to fund the tender offer of its outstanding 2021 notes, extending debt maturities, S&P said.
Any remaining amount would be used to repay part of company's term loans, which would reduce the amount of secured debt and extend the debt profile, the agency said.
S&P said it assigned a recovery rating of 3 to the proposed senior unsecured notes with an average recovery of 65%.
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