GREELEY,
Colo., April 4, 2023 /PRNewswire/ -- Pilgrim's
Pride Corporation (NASDAQ: PPC) ("PPC") announced today
the pricing of its offering of $1.0
billion aggregate principal amount of 6.250% senior
unsecured notes due 2033 (the "Notes"). The offering is being
made pursuant to PPC's automatic shelf registration statement on
Form S-3 and accompanying prospectus supplement filed with the
Securities and Exchange Commission. The Notes will be
guaranteed on a senior unsecured basis by PPC's domestic
wholly-owned restricted subsidiaries that are guarantors of the
U.S. credit facility.
PPC intends to use the net proceeds from the offering to repay
the outstanding term loans under its U.S. credit facility.
The remaining proceeds will be used for general corporate purposes,
including repayment of existing debt.
Barclays Capital Inc., BofA Securities, Inc., BMO Capital
Markets Corp., Citigroup Global Markets Inc., Mizuho Securities
USA LLC, RBC Capital Markets, LLC,
BBVA, ING Financial Markets LLC, Rabo Securities USA, Inc., and Truist Securities, Inc. are
acting as joint-bookrunning managers for the offering.
The offering will be made only by means of a preliminary
prospectus supplement and accompanying prospectus, copies of which
may be obtained, when available, by visiting the SEC's website at
www.sec.gov. Copies of the preliminary prospectus supplement and
accompanying prospectus may also be obtained from: Barclays
Capital Inc. at 1-888-603-5847 or
barclaysprospectus@broadridge.com, BofA Securities, Inc. at
1-800-294-1322 or dg.prospectus_requests@bofa.com, BMO Capital
Markets Corp. at 1-866-864-7760, Citigroup Global Markets Inc. at
1-800-831-9146 or prospectus@citi.com, Mizuho Securities
USA LLC at 1-866-271-7403 or RBC
Capital Markets, LLC at 1-866-375-6829 or
rbcnyfixedincomeprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
securities discussed in this press release in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The
securities being offered have not been approved or disapproved by
any regulatory authority, nor has any such authority passed upon
the accuracy or adequacy of the prospectus supplement or the shelf
registration statement or base prospectus.
About PPC
PPC employs over 61,500 people and operates protein processing
plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland and continental
Europe. PPC's primary distribution
is through retailers and foodservice distributors.
Important Notice Regarding Forward-Looking
Statements:
This press release contains certain forward-looking
statements. Statements that are not historical facts,
including statements about our perspectives and expectations, are
forward looking statements. The words "expect", "believe",
"estimate", "intend", "plan" and similar expressions, when related
to PPC and its subsidiaries, indicate forward-looking
statements. These statements reflect the current view of
management and are subject to various risks and
uncertainties. Such risks and uncertainties include those
described in PPC's filings with the SEC. Actual results could
differ materially from those expressed in, or implied or projected
by these forward-looking statements as a result of these risks and
uncertainties, many of which are difficult to predict and beyond
PPC's control. Investors should not place undue reliance on
any forward-looking statement and should consider the uncertainties
and risks discussed in PPC's Annual Report on Form 10-K for the
year ended December 25, 2022, as well
as PPC's registration statement on Form S-3ASR (No. 333-270754) and
the accompanying prospectus supplement relating to the issuance of
the Notes described herein, under the heading "Risk Factors," which
are filed with the SEC and available on the SEC's website at
www.sec.gov, as well as PPC's other SEC filings. PPC's
forward-looking statements in this press release speak only as of
the date hereof, and PPC undertakes no obligation to update any
such statement after the date of this press release, whether as a
result of new information, future developments or otherwise, except
as may be required by applicable law.
CONTACT:
|
Andrew
Rojeski
|
|
Head of Strategy,
Investor Relations, & Net Zero Programs
|
|
IRPPC@pilgrims.com
|
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SOURCE Pilgrim's Pride Corporation