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Pilgrims Pride: Proposed offering of $350 Million of senior unsecured notes

Pilgrim's Pride Corporation has announced that it intends to offer $350 million in aggregate principal amount of senior unsecured notes due 2018 in a private placement to be conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), subject to market and other conditions.

The Notes will be issued by Pilgrim's Pride and will be guaranteed on a senior unsecured basis by Pilgrim's Pride Corporation of West Virginia, and any other existing or future domestic restricted subsidiary of Pilgrim's Pride that incurs or guarantees any other indebtedness (with limited exceptions).

Pilgrim's Pride intends to use the net proceeds from the offering to repay borrowings under its existing term loan credit facilities and to pay fees and expenses incurred in connection with the offering.

Pilgrim's employs approximately 41,000 people and operates chicken processing plants and prepared-foods facilities in 12 US states, Puerto Rico and Mexico. The Company's primary distribution is through retailers and foodservice distributors.

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Pilgrims Pride

Editor WorldPoultry

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