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Overview

Bank of China (New York Branch) provides $1 billion loan—via PxF facility—to JBS Foods International Designated Activity Company for unspecified purposes

Commitments (Constant USD, 2023)$1,090,721,573
Commitment Year•2016Country of Activity•BrazilDirect Recipient Country of Incorporation•IrelandOverseas Jurisdiction•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 15, 2016
Last repayment (originally scheduled)
Jan 21, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • JBS Foods International Designated Activity Company

Loan description

Bank of China (New York Branch) provides $1 billion loan—via PxF facility—to JBS Foods International Designated Activity Company in 2016

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

On January 15, 2016, JBS Foods International Designated Activity Company—a wholly-owned subsidiary of JBS S.A. (a Brazilian beef processor) that is legally incorporated in Ireland—entered into a $1 billion pre-export financing (PxF) facility with the New York Branch of Bank of China. The facility carried a 7-year maturity (final maturity date: January 21, 2023). As of March 31, 2016, the facility had achieved an 80% disbursement rate ($800 million out of $1 billion) The remaining $200 million in principal was accessible to the borrower any time between July 27, 2016 and August 27, 2016, subject to satisfying (or Bank of China waiving) certain conditions precedent. The outstanding principal amount was payable in four annual installments equal to 25% of the outstanding principal commencing on the fourth anniversary of the initial borrowing date.

Staff comments

1. JBS S.A. is a corporation (sociedade anônima) incorporated under the laws of the Federative Republic of Brazil (Brazil). 2. At the time the loan was issued, JBS Foods International Designated Activity Company was a private limited company incorporated under the laws of the Republic of Ireland (Ireland).