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Pilgrim’s Pride gets consents from holders of notes due 2031, 2032
By Wendy Van Sickle
Columbus, Ohio, Sept. 22 – Pilgrim's Pride Corp. announced the results of its consent solicitations for its 4.25% sustainability-linked senior notes due 2031 and 3.5% senior notes due 2032, according to a press release.
By the expiration of the offer at 5 p.m. ET on Sept. 22, the company had received consents from the requisite majority of holders of each series of the notes.
As announced on Sept. 15, the company was proposing amendments in order to conform certain provisions and restrictive covenants in each indenture to reflect the company’s investment-grade status and the corresponding provisions and restrictive covenants set forth in the indenture governing its 2032 notes.
Noteholders representing a majority of each series had to consent in order to execute and deliver the applicable supplemental indentures.
The record date was Sept. 14.
Noteholders who consented by the expiration time will receive a consent payment of $1.00 per $1,000 note and will benefit from the registration rights agreement for the series. The amendments will become operative with payment of the consent fee, which is expected to occur on Sept. 28.
Pilgrim’s Pride will make a best effort to register the notes and allow holders to exchange their notes for registered notes of the same series.
The solicitation agents are RBC Capital Markets LLC (212 618-7843, 877 381-2099), Barclays (212 528-7581, 800 438-3242), BMO Capital Markets Corp. (212 702-1840, 833 418-0762) and Mizuho Securities USA LLC (212 205-7736, 866 271-7403).
D.F. King & Co., Inc. is the information agent for the offer (888 628-1041, 212 269-5550, ppc@dfking.com).
Pilgrim’s Pride is a Greeley, Colo.-based poultry producer.
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