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Brazil's JBS makes change-of-control offer for 9 3/8% senior notes
By Devika Patel
Knoxville, Tenn., Jan. 28 - JBS SA said it began a change-of-control offer for all $275 million of its 9 3/8% senior notes due 2011.
The purchase price is equal to 101, plus interest.
A change of control occurred on Dec. 31 as a result of the company's merger with Bertin SA, which resulted in the controlling shareholders ceasing to own more than 50% of the company's voting stock.
The change-of-control offer will expire at midnight ET on Feb. 26. The payment date will be within five business days of the expiration date.
D.F. King & Co., Inc. (800 578-5378) is the depositary and information agent. BB Securities Ltd. is the dealer manager.
Sao Paulo-based JBS, also known as Grupo Friboi, is the fourth largest beef company in the world in terms of live cattle slaughtering capacity and the largest beef processor and exporter in Brazil and Latin America as measured by revenues.
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