Presentation jbs bonds fixed income ingl
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JBS S.A.
Debt Issuance July 2012
2PAG
E
Debt Securities Issued
Description
2016 Notes: JBS S.A.
2016 Notes: Bertin
2017 Notes: Vigor
2014 Notes: JBS USA
2018 Notes: JBS S.A.
2018 Notes: PPC
2021 Notes: JBS USA
2020 Notes: JBS USA, LLC
Principal Total Term Coupon Maturity
USD 300 MMUSD 350 MM USD 100 MM
USD 700 MM USD 900 MMUSD 500 MMUSD 650 MMUSD 700 MM
10 years10 years10 years
5 years 7.5 years8 years
10 years8 years
10.500% p.a. 10.250% p.a.9.250% p.a.
11.625% p.a. 8.250% p.a.7.875% p.a.7.250% p.a.8,250% p.a.
Aug, 2016Oct, 2016 Feb, 2017
May, 2014 Jan, 2018Dec, 2018Jun, 2021Feb, 2020
AgencyGlobal
Global
BB-
BB
Fitch
Standard & Poors
Global B1Moody’s
Scale Rating Outlook DateStable
Stable
Stable
11/18/2011
11/04/2011
12/06/2011
JBS S.A. / JBS USA
Agency
B Standard & Poors
B2Moody’s
Rating Outlook Date
Develop
Negative
08/16/2011
11/16/2011
Pilgrim’s Pride
3PAG
E
Corporate Structure and Guarantors
JBS S.A.
JBS USA Pork
100.0%
100.0%100.0%100.0%
100.0%
67.3%
100.0%
JBS Five Rivers
JBS Australia
USD700mm Notes due 2014
USD650mm Notes due 2021
USD700mm Notes due 2020
JBS USA Beef
JBS Hungary Holdings Kft
JBS USA Holdings
Pilgrim’s Pride
JBS USA, LLCJBS USA Finance, Inc.
Vigor
Subsidiary of JBS S.A.
USD350mm Notes due 2016 (ex-Bertin)
USD300mm Notes due 2016
USD900mm Notes due 2018
USD500mm Notes due 2018
USD100mm Notes due 2017
Bond Guarantor
Notes 2016 - JBS S.A. JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef CompanyNotes 2016 - Bertin JBS HungaryNotes 2017 - Vigor S.A. Fábrica de Produtos Alimentícios VigorNotes 2014 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiariesNotes 2018 - JBS S.A. JBS S.A., JBS HungaryNotes 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 subsidiariesNotes 2020 - JBS USA LLC JBS S.A., and each of wholly-owned U.S. restricted subsidiaries
4PAG
E
Source: JBS* subsidiary controlled by JBS with non-recourse debt.
Debt Profile
Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)* was 3.6x.
Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)* was 4.3x.
The Company ended the quarter with R$5.15 billion in cash or cash equivalent, which represents more than 100% of short-term debt.
Short Term Long Term
ST / LT Debt Profile
. Leverage EBITDA
Leverage
. LeverageEx-PPC EBITDA Ex-PPC
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Debt Maturity Schedule and Profile*
R$ USD Bonds Other
Bonds / Other
Source: JBS Financial Statements 1Q12
JBS S.A.55%
Subsidiaries45%
Gross Debt: 18,686 (R$ million)
Breakdown by currency