June 24, 2019 |
Brazilian meatpacker prepays $707m to lower debt and lengthen tenors
Brazil's JBS said it has paid off BRL2.7bn ($707m) in bank loans as part of a program to reduce debt and extend average payment terms to six years.
The meatpacking company said in May that it intended to prepay $400m in loans, but it decided to use extra cash on hand to increase the amount by $300m. JBS added that it still owes BRL6.3bn to Banco do Brasil, Bank of China, Bradesco and Santander.
JBS is the largest meat producer in the world, but it could face a new rival if BRF and Marfrig reach an agreement on a possible merger.