June 1, 2018 / 11:24 AM / a year ago

Brazil's JBS gets $500 mln term loan

SAO PAULO, June 1 (Reuters) - Brazil-based meat-packer JBS SA said in a securities filing on Friday that a subsidiary had secured a $500 million term loan due in October 2022 as it continues to lengthen average debt maturities and deleverage.

The company said the loan, taken out by JBS USA Lux SA, cost it LIBOR plus 2.5 percent, 25 basis points below initially forecast.

JBS said it was able to reduce the cost of the loan, and to raise $50 million more than originally planned, as demand from investors was stronger than it had anticipated.

The world’s largest meatpacker, JBS said all proceeds from the deal would go to repay debt obligations in the United States and to meet its ordinary cash flow needs. (Reporting by Ana Mano Editing by Chizu Nomiyama)

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