JBS restructures $400 million offering, will now tap 7¼% notes

By Paul A. Harris

Portland, Ore., Sept. 12 - JBS USA restructured its $400 million offering of notes into an add-on to its 7¼% senior notes due June 1, 2021 and talked the deal at a price of 99 to par.

The deal is set to price on Friday.

Previously the company had been marketing a $400 million offering of new eight-year non-call-three senior notes.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, RBC Capital Markets and Credit Suisse Securities (USA) LLC are the joint bookrunners. U.S. Bancorp Investments Inc. and SG CIB are the co-managers.

The co-issuer is special-purpose vehicle JBS USA Finance, Inc.

The Greeley, Colo.-based beef, pork and lamb processing company plans to use the proceeds to help finance a tender for its 11 5/8% senior notes due 2014.

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