JBS USA Lux announces upsizing, pricing of senior notes offering

Offer expected to close Feb. 15, 2018.

JBS USA Lux S.A., formerly known as JBS USA LLC, announced Feb. 2 that it and JBS USA Finance Inc. have successfully priced at par their offering of $900.0 million aggregate principal amount of senior notes maturing Feb. 15, 2028. The notes have an interest rate of 6.75%. The aggregate principal amount of notes offered was increased from $700.0 million. The offering is expected to close on Feb. 15, 2018, subject to customary closing conditions.

JBS USA intends to use the net proceeds from this offering to pay for the redemption of all of the outstanding 8.25% senior notes due in 2020, with the remaining proceeds to be used for general corporate purposes, including to repay a portion of the outstanding amount under its senior secured revolving credit facility.

The company said the announcement does not constitute a notice of redemption for purposes of the redemption provisions of the indenture governing the 2020 notes; any such notice of redemption will be given in accordance with the terms of the indenture governing the 2020 notes.

Additionally, it said the announcement is neither an offer to purchase or sell nor a solicitation of an offer to sell or buy the 2020 notes or the other notes. There will be no sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

The notes will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the U.S. or to any U.S. persons absent registration under the Securities Act or pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered only to “qualified institutional buyers” under Rule 144A of the Securities Act or, outside the U.S., to persons other than U.S. persons in compliance with Regulation S under the Securities Act.

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