Pilgrim’s Pride increases its senior unsecured note to $900 million

Content available at: العربية (Arabic) Pilgrim’s Pride Corporation announced the pricing of senior unsecured notes for an aggregate principal amount […]

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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.