Pilgrim’s Pride to repay term loan borrowings with new note proceeds

By Tali Rackner

Norfolk, Va., March 4 – Pilgrim’s Pride Corp. intends use $350 million of the proceeds from a senior unsecured note offering to repay outstanding amounts under the term loan commitment of its U.S. credit facility, the company said in a press release.

Proceeds will also be used for general corporate purposes.

The company announced an offering of $500 million of the Rule 144A notes due 2025 on Wednesday.

Pilgrim’s Pride is a Greeley, Colo.-based poultry processor.

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