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JBS USA $1.9 billion seven-year term loan prices at 99.75, allocates
By Paul A. Harris
Portland, Ore., April 26 – JBS USA Lux SA priced its $1.9 billion seven-year term loan B (Ba2) with a 250 basis points spread to Libor at 99.75, according to a market source who added that the deal allocated on Thursday.
The issue price increased from 99.5.
Also, the MFN sunset was revised to 24 months from 12 months, the source said.
The loan also includes a 0% Libor floor and 101 soft call protection for six months.
Barclays was the bookrunner on the deal and a joint lead arranger with BMO Capital Markets, RBC Capital Markets, Rabobank, SunTrust Robinson Humphrey Inc. and U.S. Bank.
Proceeds will be used to help refinance an existing term loan B due 2022.
Other funds for the term loan B refinancing will come from $150 million of add-on 5 7/8% senior notes due 2024, $150 million of add-on 5¾% senior notes due 2025, $400 million of add-on 6½% senior notes due 2029 and cash from the balance sheet.
JBS is a Greeley, Colo.-based animal protein products processing company.
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