PILGRIM'S PRIDE CORPORATION ANNOUNCES REGISTERED EXCHANGE OFFERS FOR ANY AND ALL OF ITS OUTSTANDING 4.250% SUSTAINABILITY-LINKED SENIOR NOTES DUE 2031 AND 3.500% SENIOR NOTES DUE 2032
GREELEY, Colo., Jan. 19, 2023 /PRNewswire/ -- Pilgrim's Pride Corporation ("PPC") announced today that it has commenced registered exchange offers (the "Exchange Offers") of up to:
- $1.0 billion aggregate principal amount of its newly issued 4.250% Sustainability-Linked Senior Notes due 2031 (the "Registered 2031 Notes") registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), for an equal principal amount of its outstanding 4.250% Sustainability-Linked Senior Notes due 2031 (the "Existing 2031 Notes"); and
- $900.0 million aggregate principal amount of its newly issued 3.500% Senior Notes due 2032 (the "Registered 2032 Notes, and together with the Registered 2031 Notes, the "Registered Notes") registered under the Securities Act, for an equal principal amount of its outstanding 3.500% Senior Notes due 2032 (the "Existing 2032 Notes," and together with the Existing 2031 Notes, the "Existing Notes"). As used herein, the term "Notes" shall mean the Existing Notes together with the Registered Notes.
The Existing Notes were issued in private offerings pursuant to Rule 144A and Regulation S under the Securities Act. The Exchange Offers were commenced in order to satisfy PPC's obligations under a registration rights agreement entered into in connection with successful consent solicitations to amend certain provisions of the indentures governing the Notes. The terms of the Registered Notes are identical in all material respects to the terms of the corresponding series of Existing Notes, except that the Registered Notes have been registered under the Securities Act. PPC will receive no proceeds from the Exchange Offers.
The terms of the Exchange Offers are set forth in the prospectus, dated January 19, 2023 (the "Prospectus"). Each Exchange Offer will expire at 11:59 p.m., New York City time, on February 15, 2023, unless extended by PPC (the "Expiration Date"). Holders of the Existing Notes may withdraw tenders of Existing Notes at any time prior to the Expiration Date.
D.F. King & Co., Inc. is serving as the exchange agent for the Exchange Offers. Holders of the Existing Notes may obtain copies of the Prospectus from the exchange agent for the Exchange Offers at the address set forth below:
By Registered Certified or Regular Mail or Overnight Courier or Hand Delivery:
D.F. King & Co., Inc., as Exchange Agent
48 Wall Street, 22nd Floor
New York, New York 10005
Attn: Michael Horthman
Toll: (212) 269-5550
Toll Free: (800) 488-8095
Email: [email protected]
By Facsimile Transmission (eligible institutions only):
(212) 709-3328
For Information or Confirmation by Telephone:
(212) 232-3233
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO EXCHANGE, OR A SOLICITATION OF AN OFFER TO EXCHANGE, ANY SECURITIES. THE EXCHANGE OFFERS ARE BEING MADE ONLY PURSUANT TO THE PROSPECTUS AND ONLY TO SUCH PERSONS AND IN SUCH JURISDICTIONS AS IS PERMITTED UNDER APPLICABLE LAW. NEITHER PPC NOR THE EXCHANGE AGENT MAKES ANY RECOMMENDATIONS AS TO WHETHER HOLDERS SHOULD TENDER THEIR EXISTING NOTES IN THE EXCHANGE OFFERS. HOLDERS MUST MAKE THEIR OWN DECISIONS AS TO WHETHER TO TENDER EXISTING NOTES AND, IF SO, THE PRINCIPAL AMOUNT OF EXISTING NOTES TO TENDER.
About PPC
PPC employs over 60,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland and continental Europe. PPC's primary distribution is through retailers and foodservice distributors.
Important Notice Regarding Forward-Looking Statements:
This press release contains certain forward-looking statements. Statements that are not historical facts, including statements about our perspectives and expectations, are forward looking statements. The words "expect", "believe", "estimate", "intend", "plan" and similar expressions, when related to PPC and its subsidiaries, indicate forward-looking statements. These statements reflect the current view of management and are subject to various risks and uncertainties. Such risks and uncertainties include those described in PPC's filings with the Securities and Exchange Commission. Actual results could differ materially from those expressed in, or implied or projected by these forward-looking statements as a result of these risks and uncertainties, many of which are difficult to predict and beyond PPC's control. PPC's forward-looking statements in this press release speak only as of the date hereof, and PPC undertakes no obligation to update any such statement after the date of this press release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
CONTACT: | Andrew Rojeski |
Head of Strategy, Investor Relations, & Net Zero Programs | |
www.pilgrims.com |
SOURCE Pilgrim's Pride Corporation
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