Before this operation, JBS had already accumulated R$11.6 billion in CRA issues since 2019. The operation was divided into three tranches (Image: Disclosure)
A Eveningsubsidiary of JBS (JBSS3)closed the fundraising of R$ 1.5 billion in a CRA (Agribusiness Receivables Certificate). It was the first issue of this type of debt by the company.
Before this operation, JBS had already accumulated R$11.6 billion in CRA issues since 2019. The operation was divided into three tranches: 5, 10 and 20 years. The closed rates were:
- 5 years: exchange rate variation + 5.3%
- 10 years: IPCA + 6.79% (equivalent to 103% of the CDI)
- 20 years: IPCA + 6.84% (equivalent to 105% of the CDI)
In the case of the 10 and 20 year tranches, the spread over the NTN-B (Brazilian treasury bonds) of the same maturity was 0.3% and 0.45%, respectively, the lowest in history in CRAs issued by JBS.
JBS also repurchased R$3.9 billion in previously issued CRAs, all with financial covenants (restrictive clauses). With this operation, 100% of JBS's debt does not have financial covenants, which gives the company greater flexibility in capital allocation.
CRAs are fixed income securities backed by receivables originating from rural producer businesses.
JBS: BTG raises target price and lists reasons to buy
O BTG Pactual (BPAC11) raised its target price for JBS shares from R$47 to R$48, maintaining its purchase recommendation.
The bank revised its estimates for the slaughterhouse, according to the guidance recently released. BTG now projects an Ebitda of R$35 billion for 2024, in line with the midpoint of its guidance (8% above previous estimates and 6% above consensus), driven by better expectations for the poultry businesses (PPC and Seara).
*Com Reuters