GREELEY, Colo., March 25, 2021 /PRNewswire/ -- Pilgrim's
Pride Corporation (NASDAQ: PPC) (the "Company") announced today
that it is offering, subject to market conditions, up to
$1,000.0 million in aggregate
principal amount of sustainability-linked senior unsecured notes
(the "Notes"). Each of the Company's domestic wholly-owned
restricted subsidiaries that guarantee the Company's secured
facility will guarantee the Notes.
The Company intends to use the net proceeds, together with cash
on hand, to pay (i) the consideration in connection with an any and
all cash tender offer (the "Tender Offer") that the Company intends
to launch for its outstanding 5.750% Senior Notes due 2025 (the
"2025 Notes") and (ii) the purchase price in connection with any
repurchase or redemption of the 2025 Notes (less the amount
repurchased in the Tender Offer). As of the date of this
press release, there is $1,000.0
million aggregate principal amount of 2025 Notes
outstanding. The Company's obligation to accept for purchase,
and to pay for, 2025 notes validly tendered is conditioned upon the
satisfaction or, when applicable, waiver of certain conditions,
including, among others, the consummation of the offering of the
Notes.
This 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 will
be made solely by the Company to the holders of the 2025 Notes
pursuant to an offer to purchase and consent solicitation
statement.
The Notes will be offered in a private offering exempt from the
registration requirements of the United States Securities Act of
1933, as amended (the "Securities Act"). The Notes will be
offered 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.
This 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.
About Pilgrim's Pride
Pilgrim'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.
Forward-Looking Statements
Statements contained in this press release that state the
intentions, plans, hopes, beliefs, anticipations, expectations or
predictions of the future of Pilgrim's Pride Corporation and its
management are considered forward-looking statements. It is
important to note that actual results could differ materially from
those projected in such forward-looking statements. Factors that
could cause actual results to differ materially from those
projected in such forward-looking statements include: whether or
not Pilgrim's Pride will offer the Notes or consummate the
offering; the final terms of the offering; matters affecting the
poultry industry generally; the ability to execute the Company's
business plan to achieve desired cost savings and profitability;
future pricing for feed ingredients and the Company's products;
outbreaks of avian influenza or other diseases, either in Pilgrim's
Pride's flocks or elsewhere, affecting its ability to conduct its
operations and/or demand for its poultry products; contamination of
Pilgrim's Pride's products, which has previously and can in the
future lead to product liability claims and product recalls;
exposure to risks related to product liability, product recalls,
property damage and injuries to persons, for which insurance
coverage is expensive, limited and potentially inadequate;
management of cash resources; restrictions imposed by, and as a
result of, Pilgrim's Pride's leverage; changes in laws or
regulations affecting Pilgrim's Pride's operations or the
application thereof; new immigration legislation or increased
enforcement efforts in connection with existing immigration
legislation that cause the costs of doing business to increase,
cause Pilgrim's Pride to change the way in which it does business,
or otherwise disrupt its operations; competitive factors and
pricing pressures or the loss of one or more of Pilgrim's Pride's
largest customers; currency exchange rate fluctuations, trade
barriers, exchange controls, expropriation and other risks
associated with foreign operations; disruptions in international
markets and distribution channel, including anti-dumping
proceedings and countervailing duty proceedings; and the impact of
uncertainties of litigation as well as other risks described under
"Risk Factors" in the Company's Annual Report on Form 10-K and
subsequent filings with the Securities and Exchange Commission.
Pilgrim's Pride Corporation undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
Contact:
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Dunham
Winoto
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|
Investor
Relations
Pilgrim's Pride
Corporation
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IRPPC@pilgrims.com
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(970) 506
8192
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www.pilgrims.com
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SOURCE Pilgrim’s Pride