Pilgrim’s Pride announces early tender results and receipt of consents

Chicago, April 8 – Pilgrim’s Pride Corp. announced the early tender results for any and all of its $1 billion outstanding 5¾% notes due 2025 (Cusip: 72147KAC2) and the receipt of required consents under the consent solicitation to amend the notes, according to a press release.

As of 5 p.m. ET on April 7, the company received tenders for $896,146,000 principal amount, or 89.61%, of the outstanding notes.

All of the notes tendered will be purchased at or prior to the early tender payment deadline on April 8.

Early tendering noteholders will receive $1,021.50 per $1,000 note, plus interest.

Noteholders who tendered their notes were counted as delivering consents to the proposed amendments in the consent solicitation.

The proposed amendments eliminate substantially all of the restrictive covenants and some events of default and related provisions in the indenture and reduce the minimum required notice period for the redemption of the notes from at least 30 days to at least three business days.

Noteholders can still tender notes until 11:59 p.m. ET on April 21.

The consideration for tendered notes is now $991.50 per $1,000 note, plus interest to the final settlement date.

The offer is subject to a financing condition.

Barclays (212 528-7581, 800 438-3242) is the dealer manager for the tender offer and the solicitation agent.

D.F. King & Co., Inc. (866 796-3441, 212 269-5550, ppc@dfking.com) is the information agent and the tender agent.

Pilgrim’s Pride is a Greeley, Colo.-based poultry processor.

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