JBS bondholders consent to global reorganization

miércoles 17 de agosto de 2016 10:20 GYT

By Paul Kilby

NEW YORK, Aug 17 (IFR) - A sufficient number of JBS bondholders have agreed to amend indentures allowing for a global reorganization of the meatpacker, the company said on Wednesday.

Under the plan, the company's global operations and Brazil-based food processor Seara Alimentos will regroup under a new Ireland-based company, JBS Foods International.

JBS USA and JBS SA asked holders of notes due between 2020 to 2025 to consent to some parts of the global reorganization proposed by JBS in May.

Holders who agreed to the consent solicitation by the expiration date of August 16 will receive a cash payment of US$1.25 per US$1,000 principal amount.

The plan, which involves listing JBS Foods International in New York, also requires approvals from shareholders and regulators.

Merrill Lynch, Pierce, Fenner & Smith and Banco Bradesco BBI acted as solicitation agents. (Reporting By Paul Kilby; editing by Shankar Ramakrishnan)