June 19, 2019 / 9:55 PM / 2 months ago

Brazil's JBS prepays debt to free up collateral

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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