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Pilgrim's Completes Offering

by 5m Editor
15 December 2010, at 12:30am

US - Pilgrim's Pride has completed the offering of $500 million of senior unsecured notes due in 2018.

Pilgrim's Pride Corporation has announced that it has completed its private offering of $500 million aggregate principal amount of senior unsecured notes due 2018. The Notes will bear interest at a rate of 7.875 per cent per year, payable semi-annually in arrears on 15 December and 15 June of each year, beginning on 15 June 2011.

Net proceeds to Pilgrim's, after deducting fees and expenses incurred in connection with the offering, were approximately $480 million. The company intends to use the net proceeds from the offering to repay borrowings under its existing term loan credit facilities.

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