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Pilgrim's Pride Proposes $350 Million Offering

by 5m Editor
3 December 2010, at 11:03am

US - Pilgrim's Pride Corporation is to sell $350 million in senior unsecured notes to reduce the company's debt.

The notes will become due in 2018.

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, Inc. and any other existing or future domestic restricted subsidiary of Pilgrim's Pride that incurs or guarantees any other indebtedness.

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.