September 11, 2017 / 2:23 PM / 2 months ago

Brazil's JBS to use Moy Park sale proceeds to cut debt

SAO PAULO (Reuters) - Brazil’s JBS SA plans to use proceeds from the sale of British subsidiary Moy Park Ltd to accelerate short-term debt repayments.

In a Monday securities filing, JBS (JBSS3.SA) said the bid by U.S. poultry processor Pilgrim’s Pride Corp (PPC.O) valued Moy Park at about $1.3 billion.

Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama

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