Business
Pilgrim's Pride Corporation Announces Cash Tender Offer and Consent Solicitation
GREELEY, Colo., Sept. 27, 2023 /PRNewswire/ -- Pilgrim's Pride Corporation (NASDAQ: PPC) (the "Company") announced today that it has commenced a cash tender
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., Sept. 27, 2023 /PRNewswire/ -- Pilgrim's Pride Corporation (NASDAQ: PPC) (the \"Company\") announced today that it has commenced a cash tender offer (the \"Tender Offer\") for any and all of the outstanding U.S.$850,000,000 aggregate principal amount of its 5.875% Senior Notes due 2027 (the \"Notes\").\n\nIn conjunction with the Tender Offer, the Company is also soliciting consents (the \"Consent Solicitation\") from the holders of the Notes for the adoption of proposed amendments (the \"Proposed Amendments\"), which would, among other things, (i) eliminate substantially all of the restrictive covenants and certain events of default and related provisions contained in the indenture governing the Notes and (ii) reduce the minimum required notice period for the redemption of Notes from at least 30 days to at least two business days prior to the redemption date (maintaining the maximum notice period of not more than 60 days).\nThe Tender Offer and the Consent Solicitation are being made pursuant to an Offer to Purchase and Consent Solicitation Statement, dated September 27, 2023 (as amended or supplemented from time to time, the \"Offer to Purchase\").\nHolders who tender Notes must also consent to the Proposed Amendments to the indenture governing the Notes. Holders of Notes may not deliver consents to the Proposed Amendments without validly tendering the Notes in the Tender Offer and may not revoke their consents without withdrawing the previously tendered Notes to which they relate. The Proposed Amendments will be set forth in a supplemental indenture relating to the Notes and are described in more detail in the Offer to Purchase. Adoption of the Proposed Amendments requires the delivery of consents by holders of Notes of a majority of the aggregate outstanding principal amount of Notes (not including any Notes which are owned by the Company or any of its affiliates).\nCertain information regarding the Notes and the terms of the Tender Offer and the Consent Solicitation is summarized in the table below.\nDescription of Notes\nCUSIP/ISIN\nOutstanding Principal Amount of Notes\nTender Offer Consideration(1)\n+\nEarly Tender Payment(2)\n=\nTotal Consideration(3) \n5.875% Senior Notes due 2027 (the \"Notes\")\n72147KAE8 and U72068AD8/US72147KAE82 and USU72068AD89\nU.S.$850,000,000\nU.S.$986.19\nU.S.$30.00\nU.S.$1,016...