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Pilgrim's Pride unit enters £100M loan agreement

Moy Park Holdings (Europe) Ltd., a subsidiary of fresh and frozen chicken products maker Pilgrim's Pride Corp., on June 2 entered into an agreement to secure a loan facility that would provide a revolving loan commitment of up to £100 million.

The company entered into the unsecured multi-currency revolving facility agreement with the Bank of Ireland, as agent, and certain other lenders, according to a June 11 filing.

Moy Park borrowed approximately £50 million under the facility agreement and used the proceeds, along with available cash on hand, to repay in full and terminate its £45 million receivables finance agreement with Barclays Bank PLC. The remaining proceeds were used to repay other debt.

The loan will mature June 2, 2023.