Brazil’s JBS prepays debt to free up collateral

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The logo of Brazilian meatpacker JBS SA is seen in the city of Jundiai, Brazil June 1, 2017. Picture taken June 1, 2017. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) – Brazil’s JBS SA has prepaid $700 million of debt to Banco Santander Brasil SA, Banco Bradesco SA, Banco do Brasil SA and Bank of China, according to a statement of the company’s investor relations department.

By prepaying the debt, JBS freed up undisclosed collateral and reduced average maturity to 6 years. JBS still owes these banks $1.7 billion, the company added.

Reporting by Tatiana Bautzer; Editing by Sandra Maler

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