The Firm recently represented the initial purchasers, led by Bank of America Merrill Lynch and J.P. Morgan, in a sale of $650 million of 7.250% Senior Notes due 2021 of JBS USA, LLC, a Delaware corporation, pursuant to Rule 144A and Regulation S. In addition, the Firm represented the lead arrangers and JPMorgan Chase Bank, N.A., as administrative agent, in connection with a $475 million senior secured term loan to JBS USA, LLC.
JBS USA, LLC is a leading processor of beef and pork in the United States and the number one processor of beef in Australia in terms of daily slaughtering capacity. The Company processes, prepares, packages and delivers fresh, processed and value-added beef and pork products for sale to customers in over 60 countries on six continents.
The Company is an indirect wholly owned subsidiary of JBS S.A., the world's largest beef producer. The issuance of the notes and the borrowing of the term loan are aimed at rebalancing debt within the capital structure of JBS S.A. and its subsidiaries.
The Simpson Thacher team for this transaction included John Ericson, Grenfel Calheiros, Benjamin Wells and Kate Yoon (Capital Markets); Bill Sheehan, Nick Baker and Shane Fuhrman (Credit); Adeeb Fadil and Noreen Lavan (Environmental); Jonathan Cantor, Jon Goldstein, Danny Salinas and Adam Wells (Tax); Greg Grogan and Stephanie Mash (Executive Compensation & Employee Benefits); Julie Levy (Labor); Mardi Merjian and Krista McManus (Real Estate); Keren Siman-Tov and Roxana Niktab (IP); and Andrew Pagliughi (Blue Sky). Paralegals Desiree Wiggins and Chris Shields also provided valuable assistance.