Yes. In August 2018 RFF purchased five of JBS’s Australian feedlots for $52.7M and subsequently leased back those properties to JBS under a 10-year triple net lease. This arrangement included the provision of a A$75M guarantee to J&F Australia Pty Ltd, a wholly-owned subsidiary of RFM. The Initial Guarantee was approved with a ten-year term for which RFF is paid a monthly fee. The guarantee has subsequently been increased to $132M and forms part of the working capital requirements of the feedlots which are managed by JBS.
To fully understand the risks with this tenancy it is worthwhile revisiting the Exploratory Memorandum that was provided to unit holders prior to the last increase in guarantee.
Yes. In August 2018 RFF purchased five of JBS’s Australian...
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