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Pilgrim's Pride upsizes, prices notes offering

U.S. packaged foods company Pilgrim's Pride Corp. said Feb. 21 that it priced two series of senior unsecured notes for an aggregate principal amount of $500 million, an increase from the previous amount of $400 million.

The notes include $250 million aggregate principal amount of additional 5.75% senior unsecured notes due 2025 and $250 million aggregate principal amount of additional 5.875% senior unsecured notes due 2027. The notes due 2025 will be issued at a price of 99.25% of the aggregate principal amount with a yield to maturity of 5.881%, while the notes due 2027 will be issued at a price of 97.25% of the aggregate principal amount with a yield to maturity of 6.26%.

The company will offer the notes in a private offering exempt from regulatory registration requirements of the U.S. Securities Act. The sale is expected to be completed March 7.

Pilgrim's Pride plans to use net proceeds to purchase for cash the outstanding 6.25% senior notes due 2021 of its indirect subsidiary Moy Park (Bondco) Plc. It will use the remaining proceeds to repay part of certain outstanding debt and for general corporate purposes.