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Pilgrim’s Pride Corporation (PPC) announced the pricing details for its tender offer seeking up to $250 million of its 6.250% Senior Notes due 2033. The company will pay $1,056.90 per $1,000 principal amount for notes accepted in the offer.
The tender offer received $471.5 million in valid tenders by the April 10 early tender deadline, exceeding the $250 million maximum. As a result, Pilgrim’s Pride will accept notes on a prorated basis using an approximate 53% proration factor.
The total consideration of $1,056.90 per $1,000 principal amount includes an early tender payment and was calculated using a fixed spread of 95 basis points over the 4.125% U.S. Treasury security due February 15, 2036. The reference yield was set at 4.313%. Holders will receive additional accrued interest from the last payment date to the settlement date.
Settlement is expected on April 14 for notes tendered by the early deadline. Notes not accepted for purchase will be returned to holders. The company does not expect to accept any notes tendered after the early deadline due to the oversubscription.
BMO Capital Markets Corp. serves as dealer manager for the tender offer, while D.F. King & Co., Inc. acts as tender and information agent. The offer was initially announced March 30 and withdrawal rights expired April 10.
Pilgrim’s Pride operates protein processing facilities across 14 states, Puerto Rico, Mexico, the United Kingdom, Ireland and continental Europe, employing approximately 63,000 people.