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Monday, December 14, 2009 10:26:12 AM
Mon Dec 14, 2009 8:37am EST
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UPDATE 1-Brazil's JBS Q3 profit drops on lower margins
Fri, Nov 13 2009
Stocks
JBS S.A.
JBSS3.SA
R$ 10.20
-0.20-1.92%
8:05am CST
Pilgrim's Pride Corporation
PGPDQ.PK
$7.01
+0.00+0.00%
8:05am CST
* JBS to sell $2 bln of bonds to fund Pilgrim's takeover
* Bonds will be convertible into JBS USA Holding stock
* JBS in talks with single investor over bond sale (Recasts; adds details of offering, background)
SAO PAULO, Dec 14 (Reuters) - Brazil's JBS SA (JBSS3.SA), the world's largest beef processor, said on Monday it plans to raise the equivalent of $2 billion in a bond offering, part of a plan to fund its U.S. unit after the takeover of Pilgrim's Pride Corp (PGPDQ.PK).
The bonds will be sold in reais in local capital markets to a single investor through a private placement, JBS said in a securities filing. The company is "in advanced talks" with the investor and expects to conclude the transaction in coming days.
The bonds will be convertible into shares of JBS USA Holding, JBS said, without giving further details on the terms of the debt.
Bondholders may hold between 20 percent and 25 percent of JBS USA after the debt is converted into stock, JBS said.
Pilgrim's Pride said last week it expects to emerge from bankruptcy protection by the end of December, nearly one year after it filed for Chapter 11. (Reporting by Elzio Barreto, editing by Maureen Bavdek, Dave Zimmerman)
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