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Pilgrim's Pride Announces Early Tender Results and Receipt of Requisite Consents
GREELEY, Colo., Oct. 11, 2023 /PRNewswire/ -- Pilgrim's Pride Corporation (NASDAQ: PPC) (the "Company") today announced the early tender results in connection
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., Oct. 11, 2023 /PRNewswire/ -- Pilgrim's Pride Corporation (NASDAQ: PPC) (the \"Company\") today announced the early tender results in connection with its previously announced offer to purchase for cash (the \"Tender Offer\") any and all of the $850.0 million aggregate principal amount of its 5.875% Senior Notes due 2027 (the \"Notes\"). The Company also announced receipt of the requisite consents in connection with its previously announced consent solicitation (the \"Consent Solicitation\") from the holders of the Notes (the \"Holders\") to the adoption of the Proposed Amendments (as defined below).\n\nThe terms and conditions of the Tender Offer and the Consent Solicitation are described in the Offer to Purchase and Consent Solicitation Statement, dated September 27, 2023 (the \"Offer to Purchase\"), previously distributed to Holders.\nThe Company has been advised that as of 5:00 p.m. (New York City time) on October 11, 2023 (such date and time, the \"Early Tender Payment Deadline\"), $812,752,000 aggregate principal amount of the Notes, representing approximately 96% of the outstanding Notes, had been validly tendered (and not validly withdrawn) pursuant to the Tender Offer and consents delivered pursuant to the Consent Solicitation. The settlement date for Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Payment Deadline and accepted for purchase by the Company is expected to be October 12, 2023 (the \"Early Settlement Date\").\nThe total consideration payable to Holders for each $1,000 principal amount of Notes validly tendered at or prior to the Early Tender Payment Deadline and purchased pursuant to the Tender Offer will be $1,016.19 (the \"Total Consideration\"), plus accrued and unpaid interest up to, but not including the Early Settlement Date. The Total Consideration includes an early tender payment of $30.00 per $1,000 principal amount of Notes (the \"Early Tender Payment\"), payable only to Holders who validly tender (and do not withdraw) their Notes and validly deliver (and do not revoke) the related consents to the Proposed Amendments at or prior to the Early Tender Payment Deadline.\nPursuant to the Consent Solicitation, the Company solicited consents (the \"Consents\") from Holders to the proposed amendments (the \"Proposed Amendments\") to the indenture pursuant ...