Pilgrim's Pride Prices $850M Senior Unsecured Notes Offering
Thursday, September 28th, 2017
Pilgrim's Pride Corporation announced the pricing of two series of senior unsecured notes for an aggregate principal amount of $850.0 million. These notes consist of $250.0 million aggregate principal amount of additional 5.750% senior unsecured notes due 2025 (the "Additional 2025 Notes"), which will be issued at a price of 102.000% of the aggregate principal amount reflecting a yield to maturity of 5.420% and $600.0 million aggregate principal amount of 5.875% senior unsecured notes due 2027 (the "2027 Notes" and, together with the Additional 2025 Notes, the "Notes"). The sale of the Notes is expected to close on September 29, 2017 , subject to customary closing conditions.
The Company intends to apply the net proceeds from this offering to repay, in full, the outstanding indebtedness incurred in connection with its previously announced acquisition of Moy Park. The balance of the net proceeds from the sale of the Notes will be used for general corporate purposes.