JBS N.V. and its U.S. subsidiaries, JBS USA Foods Group Holdings, Inc. and JBS USA Food Company Holdings, announced a set of registered exchange offers that allow holders of five series of senior notes to exchange them for new notes with identical terms. The offers are registered under the U.S. Securities Act of 1933 and are intended to satisfy registration‑rights obligations under existing debt agreements. The exchange window will close at 5:00 p.m. New York City time on January 12 2026, unless the issuers extend the deadline.
The old notes eligible for exchange include the 5.950% Senior Notes due 2035, the 6.375% Senior Notes due 2055, the 5.500% Senior Notes due 2036, the 6.250% Senior Notes due 2056, and the 6.375% Senior Notes due 2066. Each new note will carry the same coupon, maturity, and covenants as its predecessor, ensuring that holders retain the same credit profile and payment schedule.
JBS has a history of debt refinancing and restructuring. In August 2023 and October 2024 the company announced similar exchange offers for other note series, and in June 2025 it issued $3.5 billion of senior notes registered with the SEC. The current exchange is a continuation of that strategy, aimed at keeping the company’s debt compliant with U.S. registration requirements while avoiding the issuance of new capital.
The exchange comes shortly after JBS reported record Q3 2025 results: net sales of $22.6 billion, up 13% year‑over‑year, and net income of $581 million. Net debt stood at $14.75 billion, giving a leverage ratio of 2.39×, comfortably below the company’s target of 2.5×. Adjusted EBITDA fell 15% year‑over‑year to $1.835 billion, a margin of 8.1% versus 10.8% in the prior year, largely due to higher cattle costs, a tight U.S. beef supply, and export restrictions in Brazil.
"The record sales and disciplined cost management have positioned us well for the next quarter," said Gilberto Tomazoni, Global CEO. "Maintaining leverage below 2.5× remains a priority, and this exchange helps us keep our debt structure aligned with regulatory expectations without diluting shareholder value," he added. Guilherme Cavalcanti, Global CFO, noted that the company’s revolving credit facility was amended in November 2025 to include a minimum interest‑coverage ratio, further supporting the firm’s liquidity profile.
The exchange will not generate proceeds for JBS; it is purely a restructuring of existing debt. The move is part of a broader effort to streamline the company’s capital structure as it pursues a dual listing on the NYSE and the São Paulo Stock Exchange. While ESG concerns continue to generate scrutiny, investor demand for JBS debt remains strong, underscoring confidence in the company’s long‑term financial strategy.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.