Pilgrim's Pride Corporation announced Sept. 29 it has closed an offering of $850.0 million in aggregate principal amount of notes consisting of $250.0 million in aggregate principal amount of additional 5.750% senior unsecured notes due 2025 (the "Additional 2025 Notes") and $600.0 million in aggregate principal amount of 5.875% senior unsecured notes due 2027 (the "2027 Notes" and, together with the Additional 2025 Notes, the "Notes").
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.
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.