Pilgrim's Pride Corporation (NASDAQ:PPC) (the "Company") announced on May 9 that it has entered into a credit agreement, effective May 8, 2017, for a new $750 million revolving credit facility and a term loan commitment of $800 million through a consortium of banks.
The new facility replaces the Company's existing $700 million revolving facility and $500 million term loan commitment. The proceeds of the loans under the new term loan commitment repaid outstanding revolving borrowings. The maturity date of the new facility will be May 6, 2022. As of March 26, 2017, the Company had letters of credit of $42.7 million, $314.6 million outstanding revolving borrowings, and $500 million term loans outstanding under the replaced credit facility.