JBS S.A. issued several series of debt securities between 2014 and 2021 totaling over $5 billion. The debt has maturities between 2014 and 2021 and coupon rates ranging from 7.25% to 11.625%. Credit ratings agencies Fitch, Moody's, and S&P assigned JBS credit ratings between BB- and B2 with mostly stable outlooks. The debt is guaranteed by various JBS subsidiaries. As of 2Q12, JBS' net debt to EBITDA ratio was 4.27x with short term debt comprising 23% of its total debt.
Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
2. Debt Securities Issued
Description Principal Total Term Coupon Maturity
2016 Notes: JBS S.A. USD 300 MM 10 years 10.500% p.a. Aug, 2016
2016 Notes: Bertin USD 350 MM 10 years 10.250% p.a. Oct, 2016
2014 Notes: JBS USA USD 700 MM 5 years 11.625% p.a. May, 2014
2018 Notes: JBS S.A. USD 900 MM 7.5 years 8.250% p.a. Jan, 2018
2018 Notes: PPC USD 500 MM 8 years 7.875% p.a. Dec, 2018
2021 Notes: JBS USA USD 650 MM 10 years 7.250% p.a. Jun, 2021
2020 Notes: JBS USA, LLC USD 700 MM 8 years 8,250% p.a. Feb, 2020
JBS S.A. / JBS USA
Agency Scale Rating Outlook Last Update
Fitch Global BB- Negative 08/16/2012
Moody’s Global B1 Stable 12/06/2011
Standard & Poors Global BB Stable 11/04/2011
Pilgrim’s Pride
Agency Rating Outlook Last Update
Moody’s B2 Negative 11/16/2011
Standard & Poors B Negative 08/22/2012
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3. Corporate Structure and Guarantors
USD350mm Notes due 2016 (ex-Bertin)
USD300mm Notes due 2016
JBS S.A.
USD900mm Notes due 2018
JBS Hungary Holdings Kft
JBS USA Holdings USD500mm Notes due 2018
75.0%
Pilgrim’s Pride
100.0%
JBS USA Finance, Inc. JBS USA, LLC
USD700mm Notes due 2014
USD650mm Notes due 2021
USD700mm Notes due 2020
100.0% 100.0% 100.0%
JBS USA Beef JBS USA Pork JBS Australia
100.0%
JBS Five Rivers Bond Guarantor
Notes 2016 - JBS S.A. JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef Company
Notes 2016 - Bertin JBS Hungary
Notes 2014 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries
Notes 2018 - JBS S.A. JBS S.A., JBS Hungary
Notes 2018 - PPC Pilgrim’s Pride Corporation of West Virginia, Inc.
Notes 2021 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries
Notes 2020 - JBS USA LLC JBS S.A., and each of wholly-owned U.S. restricted subsidiaries PAGE 3
4. Debt Profile
2Q12 Net debt to EBITDA was 4.27x.
The Company ended the quarter with R$5.475 billion in cash or cash equivalent, which represents more than 110% of short-term debt.
The percentage of short term debt decreased from 27% in 1Q12 to 23% in 2Q12
Leverage ST / LT Debt Profile
1500 4.30 4.27
28% 72%
1300
4.04 4.00 4 3Q11
3.60
1100
900
3 4Q11 28% 72%
700
2 1Q12 27% 73%
500
300
1
100 2Q12 23% 77%
-100 2Q11 3Q11 4Q11 1Q12 2Q12 0
. Leverage EBITDA Short Term Long Term
.
Source: JBS PAGE 4
5. Debt Maturity Schedule and Profile
Net Debt: 15,276.9 (R$ million)
Short Term Net
of Cash 2013 2014 2015 2016 2017 2018 2019 and after
656
169
883
1,381
2,567 2,738
3,726
4,469
Breakdown by Currency and Company Bonds / Other
JBS S.A. Subsidiaries
2Q12
57% 43%
Bonds Other
2Q12
37% 63%
2Q12 R$ 25% USD 75%
Source: JBS Financial Statements 2Q12 PAGE 5