Business
Pilgrim's Pride Announces Offering of Senior Unsecured Notes
GREELEY, Colo., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Pilgrim's Pride Corporation (NASDAQ: PPC) (the “Company”) announced today that it is offering, subject to
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Pilgrim's Pride Corporation (NASDAQ: PPC) (the “Company”) announced today that it is offering, subject to market conditions, up to $750.0 million in aggregate principal amount of senior unsecured notes (the \"Notes\"). 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, as amended (the \"Securities Act\"). 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. This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes. The Notes have not been registered under the Securities Act, or any state securities laws. Unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act, and applicable state securities laws. About Pilgrim’s PridePilgrim’s employs approximately 54,700 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K. and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com. Forward-Looking StatementsStatements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “b...