Brazil-based JBS has brought in $1.2B from the transfer of convertible debentures to a Brazilian government bank and may issue additional debentures in early February, according to the Wall Street Journal. The income will help to fund the company’s takeover of Pilgrim’s Pride Corp.
The debentures, which are held by the investment wind of Brazil’s National Development Bank, can be converted into stock in the JBS U.S. unit once the unit makes an initial public offering, the newspaper reported. The company recently announced that the initial public offering is being delayed until market conditions improve.
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