Pilgrim's Pride Announces Offering of Senior Unsecured Notes
August 19 2021 - 8:59AM
Pilgrim's Pride Corporation (NASDAQ: PPC) (the “Company”) announced
today that it is offering, subject to market conditions, up to
$750.0 million in aggregate principal amount of senior unsecured
notes (the "Notes"). Each of the Company's domestic wholly-owned
restricted subsidiaries that guarantee the Company’s secured credit
facility will guarantee the Notes.
The Company intends to use the net proceeds from the offering of
the Notes, together with borrowings under the delayed draw term
loan under its secured credit facility, to finance its previously
announced acquisition of the Meats and Meals businesses of Kerry
Consumer Foods in the United Kingdom and Ireland and to pay related
fees and expenses. The remaining proceeds will be used to repay
outstanding revolver borrowings under the secured credit facility
and for general corporate purposes.
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 PridePilgrim’s employs
approximately 54,700 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 StatementsStatements 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. Without limiting the foregoing, words
such as “anticipates,” “believes,” “estimates,” “expects,”
“intends,” “may,” “plans,” “projects,” “should,” “targets,” “will”
and the negative thereof and similar words and expressions are
intended to identify 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; the impact of the COVID-19 pandemic, efforts
to contain the pandemic and resulting economic downturn on our
operations and financial condition, including the risk that our
health and safety measures at Pilgrim’s Pride production facilities
will not be effective, the risk that we may be unable to prevent
the infection of our employees at these facilities, and the risk
that we may need to temporarily close one or more of our production
facilities; the risk that we may experience decreased production
and sales due to the changing demand for food products; the risk
that we may face a significant increase in delayed payments from
our customers; and additional risks related to COVID-19 set forth
in our most recent Form 10-K and Form 10-Q filed with the SEC;
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; the risk of
cyber-attacks, natural disasters, power losses, unauthorized
access, telecommunication failures, and other problems on our
information systems; and the impact of uncertainties of litigation
and other legal matters described in our most recent Form 10-K and
Form 10-Q, including the In re Broiler Chicken Antitrust
Litigation, as well as other risks described under “Risk Factors”
in the Company’s Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and subsequent filings with the Securities and Exchange
Commission. The forward-looking statements in this release speak
only as of the date hereof, and the Company undertakes no
obligation to update any such statement after the date of this
release, whether as a result of new information, future
developments or otherwise, except as may be required by applicable
law.
Contact: |
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Julie Kegley – Financial ProfilesInvestor
RelationsIRPPC@pilgrims.comwww.pilgrims.com |
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Source: |
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Pilgrim’s Pride Corporation |
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