Business
PILGRIM'S PRIDE CORPORATION ANNOUNCES EXPIRATION AND RESULTS OF ITS REGISTERED EXCHANGE OFFERS FOR ANY AND ALL OF ITS OUTSTANDING 4.250% SUSTAINABILITY-LINKED SENIOR NOTES DUE 2031 AND 3.500% SENIOR NOTES DUE 2032
GREELEY, Colo., Feb. 16, 2023 /PRNewswire/ -- Pilgrim's Pride Corporation ("PPC") announced today the expiration and results of its previously announced
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., Feb. 16, 2023 /PRNewswire/ -- Pilgrim's Pride Corporation (\"PPC\") announced today the expiration and results of its previously announced offers to exchange (the \"Exchange Offers\") any and all of its outstanding (i) $1.0 billion aggregate principal amount of 4.250% Sustainability-Linked Senior Notes due 2031 (the \"Existing 2031 Notes\") and (ii) $900.0 million aggregate principal amount of 3.500% Senior Notes due 2032 (the \"Existing 2032 Notes,\" and together with the Existing 2031 Notes, the \"Existing Notes\"), for an equal principal amount of new notes in a transaction registered under the Securities Act (the \"New Notes\").\nThe Exchange Offers expired at 11:59 p.m. New York City time on February 15, 2023 (the \"Expiration Date\"). As of the Expiration Date and based on information received from D.F. King & Co., Inc., the exchange agent for the Exchange Offers, the aggregate principal amounts of each series of the Existing Notes set forth in the table below had been validly tendered and not validly withdrawn. PPC has accepted for exchange all such tendered Existing Notes in the Exchange Offers.\nTitle of Series / CUSIP/ISIN Number of Existing Notes\nAggregate Principal Amount Outstanding\nExisting Notes Tendered as of Expiration Date\nPrincipal Amount\nPercentage\n4.250% Sustainability-Linked Senior Notes due 2031 / CUSIP Nos. 72147KAF5 and U72068AG1; ISIN Nos. US72147KAF57 and USU72068AG11)\n$1,000,000,000.00\n$977,908,000.00\n99.79 %\n3.500% Senior Notes due 2032 (CUSIP Nos. 72147KAG3 and U72068AH9; ISIN Nos. US72147KAG31 and USU72068AH93)\n$900,000,000.00\n$889,470,000.00\n98.83 %\nUpon the settlement of the Exchange Offers, holders of Existing Notes who validly tendered and did not validly withdraw such Existing Notes prior to the Expiration Date will receive a like principal amount of New Notes of the applicable series. PPC expects that such settlement will occur on or about February 17, 2023.\nThe terms of the New Notes to be issued in the Exchange Offers are substantially identical to the terms of the corresponding series of Existing Notes, except that the offering of the New Notes will be registered under the Securities Act and the transfer restrictions and registration rights applicable to the Existing Notes will not apply to the New Notes. PPC will issue the New Notes under the same indentures ...