JBS gets loan commitment but drops Hillshire bid

JBS gets loan commitment but drops Hillshire bid

Loans M&A

JBS’s subsidiary Pilgrim’s Pride had a bridge loan in place from five banks before it dropped its bid for Hillshire Brands, it said on Monday. Bank of Montreal Capital Markets, Barclays, Credit Suisse, Rabobank and Wells Fargo had committed to an acquisition financing facility with a 4.1% interest rate and a seven-year grace period, JBS said. Pilgrim’s Pride, 75% owned by JBS, on Monday pulled its offer to buy US company Hillshire Brands for $55 a share — around $7.7bn — after being outbid by co

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