Beef and pork processing company JBS USA Holdings withdraws IPO on convertible debt plan

JBS USA Holdings, the US-based subsidiary of one of the world's largest beef/pork processing companies, withdrew its plans for an initial public offering on Monday. It filed for withdrawal shortly after its Braziilan parent, JBS SA, sought an extension of a convertible debt sale that would raise $2.4 billion from state bank and current shareholder BNDES. JBS USA Holdings first filed for an IPO with the SEC in July 2009. The Greeley, CO-based company was founded in 2004 and booked $13.4 billion in sales for the 12 months ended September 27, 2009. J.P. Morgan, BofA Merrill Lynch and Morgan Stanley were set to be the lead underwriters on the deal.