JBS secures $1.2 bln loan for Cargill’s US pork assets

14-07-2015 | |
JBS secures $1.2 bln loan for Cargill’s US pork assets

JBS SA, the world’s largest meatpacker, says it has obtained a loan of up to $1.2 billion to pay for the acquisition of Cargill Inc’s US pork assets.

The loan has a maturity of seven years and interest rates equal to Libor plus 2.75 percent per annum, with a minimum Libor Rate of 0.75 percent, the company said in a statement.

The term loan will be provided to JBS’ US subsidiary JBS USA LLC by Credit Suisse AG, Bank of America Merrill Lynch and Rabobank Nederland.

The Brazilian food processing giant earlier this month announced the purchase of Cargill Meat Solutions’ pork assets for $1.45 billion, a deal that would make it one of the largest meat companies in the United States.

The announcement came less than a week after JBS said it would buy Moy Park Ltd, the British poultry and processed foods unit of rival Marfrig Global Foods SA.

Source: Reuters

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