U.K.-based Moy Park (Bondco) Plc, an indirect subsidiary of U.S. poultry meat producer Pilgrim's Pride Corp., said Feb. 21 that it is issuing a tender offer to purchase for cash its outstanding 6.25% senior notes due 2021.
Moy Park is also soliciting the consent of the noteholders to adopt some proposed amendments to eliminate almost all restrictive covenants and other provisions in the note indenture.
After the tender offer is completed, Moy Park intends to redeem any outstanding notes that remain on or after May 29, priced at 101.5625% of the total principal amount of the notes, inclusive of accrued and unpaid interest.
Both the tender offer and the consent solicitation will expire March 21 at 4 p.m. London time.
Noteholders who tender their notes and give their consent on or before March 6, 10 p.m. London time, will receive a total consideration of £1,027.50, inclusive of a £30 consent payment. Meanwhile, noteholders who submit their notes and consents between March 6 and March 21 will receive a total consideration of £997.50.