Prior to the offering of the Notes, S&P Global announced that due to the recent announcement by JBS S.A. (“JBS”) of its intention to acquire the remaining public shares of the Company not already owned by JBS or its subsidiaries, it now views the Company as a core subsidiary of JBS. Also, S&P Global affirmed its ‘BB+’ issuer credit rating for the Company and revised its outlook to positive from stable for the Company reflecting the same ratings and outlook outcome on JBS.
24 Aug 2021
Pilgrim’s Pride increases its senior unsecured note to $900 million
Conteúdo disponível em: العربية (Arabic)Pilgrim’s Pride Corporation announced the pricing of senior unsecured notes for an aggregate principal amount of […]
Pilgrim's Pride Corporation announced the pricing of senior unsecured notes for an aggregate principal amount of $900.0 million. The notes due in 2032 will be issued at a price of 100% of the aggregate principal amount reflecting a yield to maturity of 3.50%. The aggregate principal amount of the notes offered was upsized from $750.0 million due to significant investor demand for the notes. The sale of the notes is expected to close on September 2, 2021, subject to customary closing conditions. Each of the Company's domestic wholly-owned restricted subsidiaries that guarantee the Company’s secured credit facility will guarantee the Notes.
The Company intends to use the net proceeds from the offering of the notes, together with borrowings under the delayed draw term loan under its secured credit facility, to finance its previously announced acquisition of the Meats and Meals businesses of Kerry Consumer Foods in the United Kingdom and Ireland and to pay related fees and expenses. The remaining proceeds will be used to repay outstanding revolver borrowings under the secured credit facility and for general corporate purposes.
The notes will be offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933. The Notes will be offered only to "qualified institutional buyers" pursuant to Rule 144A of the Securities Act and to certain persons outside the United States pursuant to Regulation S of the Securities Act.
The statement issued by Pilgrim's Pride Corporation comes
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