Pilgrim's Pride announces pricing for $650 million in notes

by FoodBusinessNews.net Staff
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PITTSBURG, TEXAS — Pilgrim’s Pride Corp. is offering notes of $650 million and will use proceeds from the offering to refinance indebtedness incurred in connection with the acquisition of Gold Kist, Inc. and to repurchase certain of its outstanding senior subordinated notes. The company said it has priced the sale of $400 million of its 7 5/8% senior notes due 2015 and $250 million of its 8 3/8% senior subordinated notes due 2017.

The $650 million aggregate principal amount of the notes is an increase from the $450 million offering amount previously announced by the company. The closing of the offering of the notes is expected to occur on or about Jan. 24, subject to customary conditions.

Lehman Brothers Inc. and Credit Suisse Securities (USA) L.L.C. are joint book running managers for this offering. BMO Capital Markets Corp., Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. are senior co-managers, and Banc of America Securities L.L.C., Stephens Inc. and Stifel, Nicolaus & Co., Inc. are co-managers for the offering.

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