Business
PILGRIM'S PRIDE CORPORATION ANNOUNCES CONSENT SOLICITATIONS FOR EACH OF ITS 4.250% SUSTAINABILITY-LINKED SENIOR NOTES DUE 2031 AND 3.500% SENIOR NOTES DUE 2032
GREELEY, Colo., Sept. 15, 2022 /PRNewswire/ -- Pilgrim's Pride Corporation ("PPC") announced today that it is soliciting consents (the "Consents") from the
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., Sept. 15, 2022 /PRNewswire/ -- Pilgrim's Pride Corporation (\"PPC\") announced today that it is soliciting consents (the \"Consents\") from the holders of each of its (i) 4.250% Sustainability-Linked Senior Notes due 2031 (the \"2031 Notes\"), and (ii) 3.500% Senior Notes due 2032 (the \"2032 Notes\" and, collectively with the 2031 Notes, the \"Notes\"), each issued by PPC to certain proposed amendments as set forth below (with respect to each series of Notes, the \"Proposed Amendments\") to the indentures governing each series of Notes (with respect to each series of Notes, an \"Indenture\" and, collectively, the \"Indentures\") (with respect to each series of Notes, a \"Consent Solicitation\" and, collectively, the \"Consent Solicitations\"). The Proposed Amendments are described in greater detail in the Consent Solicitation Statement (as defined below).\nPPC is seeking the Proposed Amendments in order to conform certain provisions and restrictive covenants (and definitions related thereto) in each Indenture to (i) reflect PPC's investment-grade status and (ii) the corresponding provisions and restrictive covenants (and definitions related thereto) set forth in the indenture governing its 2032 Notes. \nIn order to execute and deliver the applicable Supplemental Indentures (as defined below) as contemplated by the related Proposed Amendments, PPC must receive the applicable Consents from the applicable holders as of the Record Date (as defined below) representing a majority of the aggregate principal amount of the applicable series of Notes (not including any such Notes that are owned by PPC or any of its affiliates) (with respect to each series of Notes, the \"Requisite Consents\"). Each Consent Solicitation constitutes separate and distinct solicitations with respect to each series of Notes. \nOnly holders of the applicable Notes as of 5:00 p.m. (New York City time) on September 14, 2022 (such date and time, including as such date and time may be changed by PPC from time to time, the \"Record Date\") are entitled to consent to the applicable Proposed Amendments. In order to implement the applicable Proposed Amendments, supplemental indentures to the applicable Indenture will be entered into by the applicable parties (with respect to each series of Notes, a \"Supplemental Indenture\" and, collectively, the \"Su...