GREELEY, Colo., April 8, 2021 /PRNewswire/ -- Pilgrim's
Pride Corporation (NASDAQ: PPC) (the "Company") today announced it
has closed an offering of $1.0
billion in aggregate principal amount of its 4.250%
Sustainability-Linked Senior Notes due 2031 (the "Notes").
The Company intends to use the net proceeds, together with cash
on hand, to pay (i) the consideration in connection with the any
and all cash tender offer (the "Tender Offer") that the Company
launched for its outstanding 5.750% Senior Notes due 2025 (the
"2025 Notes") pursuant to an Offer to Purchase and Consent
Solicitation Statement, dated March 25,
2021 (the "Offer to Purchase") and (ii) the redemption price
in connection with the redemption of any 2025 Notes that remain
outstanding following the consummation of the Tender Offer.
The Notes were sold in a private offering exempt from the
registration requirements of the United States Securities Act of
1933, as amended (the "Securities Act"). The Notes were sold
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.
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 is
being made solely by the Company to the holders of the 2025 Notes
pursuant to the Offer to Purchase.
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: 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
|
|
Investor
Relations
Pilgrim's Pride
Corporation
|
|
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 Corporation