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EX-99.1 - EX-99.1 - PILGRIMS PRIDE CORP | d462177dex991.htm |
8-K - 8-K - PILGRIMS PRIDE CORP | d462177d8k.htm |
Exhibit 99.2
Pilgrims Pride Announces Senior Unsecured Notes Offering
GREELEY, Colo., September 25, 2017 (GLOBE NEWSWIRE) Pilgrims Pride Corporation (NASDAQ: PPC) (the Company) announced today that it is offering, subject to market conditions, two series of senior unsecured notes, consisting of additional 5.750% senior unsecured notes due 2025 (the Additional 2025 Notes) and new senior unsecured notes due 2027 (the 2027 Notes and, together with the Additional 2025 Notes, the Notes). The Additional 2025 Notes are being offered as additional notes under an existing indenture pursuant to which the Company previously issued $500.0 million in aggregate principal amount of 5.750% senior notes due 2025 (the Existing 2025 Notes). The Additional 2025 Notes will vote together with, and will constitute part of the same series as, the Existing 2025 Notes. The Notes will initially be guaranteed by Pilgrims Pride Corporation of West Virginia, Inc., Goldn Plump Poultry, LLC, Goldn Plump Farms, LLC and JFC LLC.
The Company intends to apply the net proceeds from this offering, together with cash on hand, to repay, in full, the outstanding indebtedness incurred in connection with its previously announced acquisition of Moy Park.
The Notes will be offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the Securities Act). The Notes will be offered only to qualified institutional buyers pursuant to Rule 144A of the Securities Act and to certain persons outside the United States pursuant to Regulation S of the Securities Act.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes. The Notes have not been registered under the Securities Act, or any state securities laws. Unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act, and applicable state securities laws.
About Pilgrims Pride
Pilgrims employs approximately 55,000 people and operates chicken processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, Ireland and continental Europe. The Companys primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.
Forward-Looking Statements
Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrims Pride Corporation and its management are considered forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: whether or not Pilgrims Pride will offer the Notes or consummate the offering; the final terms of the offering; matters affecting the poultry industry generally; the ability to execute the Companys business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Companys products; outbreaks of avian influenza or other diseases, either in Pilgrims Prides flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrims Prides products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrims Prides leverage; changes in laws or regulations affecting Pilgrims Prides operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrims Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrims Prides largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channel, including anti-dumping proceedings and countervailing duty proceedings; and the impact of uncertainties of litigation as well as other risks described under Risk Factors in the Companys Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Pilgrims Pride Corporation undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: | Dunham Winoto | |
Director, Investor Relations Pilgrims Pride Corporation | ||
IRPPC@pilgrims.com | ||
(970) 506 8192 | ||
www.pilgrims.com |