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Pilgrim’s Pride launches tender offer for 5¾% notes due 2025
Chicago, March 25 – Pilgrim’s Pride Corp. launched an any-and-all tender offer for its $1 billion outstanding 5¾% notes due 2025 (Cusip: 72147KAC2) and a related consent solicitation on Thursday, according to a press release.
Tendering noteholders who tender their notes before the early deadline will receive a total consideration of $1,021.50 per $1,000 note. The total consideration includes a $30.00 early tender payment for noteholders who tender before the early deadline of 5 p.m. ET on April 7. Noteholders who tender after the early deadline will receive $991.50 per note. Interest will also be paid up to the applicable settlement date.
Noteholders who tender their notes will be counted as delivering consents to the proposed amendments in the consent solicitation.
The proposed amendments would eliminate substantially all of the restrictive covenants and certain events of default and related provisions in the indenture and reduce the minimum required notice period for the redemption of the notes from at least 30 days to at least three business days.
The tender offer will expire at 11:59 p.m. ET on April 21.
Settlement is expected within three days of the deadline.
The company will be offering new notes.
The company also issued a conditional notice of redemption should Pilgrim’s Pride receive sufficient net proceeds from its offering of new notes but not receive the requisite consents to the proposed amendments, in which case the company will redeem the notes at 101.917 plus interest.
Barclays is the dealer manager for the tender offer and the solicitation agent (212 528-7581, 800 438-3242).
D.F. King & Co., Inc. is the information agent and the tender agent for the tender offer and the consent solicitation (866 796-3441, 212 269-5550, ppc@dfking.com).
Pilgrim’s Pride is a Greeley, Colo.-based poultry processor.
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