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Pilgrim's Pride Closes $1.0 Billion Sustainability-Linked Senior Notes Offering
GREELEY, Colo., April 8, 2021 /PRNewswire/ -- Pilgrim's Pride Corporation (NASDAQ: PPC) (the "Company") today announced it has closed an offering of $1.0
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., April 8, 2021 /PRNewswire/ -- Pilgrim's Pride Corporation (NASDAQ: PPC) (the \"Company\") today announced it has closed an offering of $1.0 billion in aggregate principal amount of its 4.250% Sustainability-Linked Senior Notes due 2031 (the \"Notes\").\nThe Company intends to use the net proceeds, together with cash on hand, to pay (i) the consideration in connection with the any and all cash tender offer (the \"Tender Offer\") that the Company launched for its outstanding 5.750% Senior Notes due 2025 (the \"2025 Notes\") pursuant to an Offer to Purchase and Consent Solicitation Statement, dated March 25, 2021 (the \"Offer to Purchase\") and (ii) the redemption price in connection with the redemption of any 2025 Notes that remain outstanding following the consummation of the Tender Offer.\nThe Notes were sold in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the \"Securities Act\"). The Notes were sold 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.\nThis 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. \nThis press release does not constitute (i) an offer to purchase or a solicitation of an offer to purchase the 2025 Notes or (ii) a notice of redemption for purposes of the redemption provisions of the indenture governing the 2025 Notes. The Tender Offer is being made solely by the Company to the holders of the 2025 Notes pursuant to the Offer to Purchase.\nAbout Pilgrim's Pride\nPilgrim's employs approximately 56,400 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.\nForward-Looking Statements\nStatements contained in this press release t...