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

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