Pilgrim’s Pride to offer notes to reduce its debt
December 2, 2010
Pilgrim’s Pride Corporation has announced it intends to offer $350 million of senior unsecured notes due in 2018 through a private placement and use the money to pay down debt.
The notes will be issued by Pilgrim’s Pride and will be guaranteed on a senior unsecured basis by Pilgrim’s Pride Corp. of West Virginia Inc. and any other existing or future domestic restricted subsidiary of Pilgrim’s Pride that incurs or guarantees any other indebtedness, according to a news release Wednesday.
Pilgrim’s, part of the Greeley-based JBS USA conglomerate, employs about 41,000 people and operates chicken-processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The company’s primary distribution is through retailers and food service distributors.
JBS USA bought controlling interest in the company out of bankruptcy earlier this year.