Pilgrim’s Pride Corporation has announced new pricing in its previously announced cash tender offer for any and all of fellow US poultry group Gold Kist’s outstanding 10 1/4% Senior Notes due 15 March 2014.
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The tender offer and consent solicitation have been made in connection with Pilgrim’s Pride’s previously announced proposed acquisition of all of the outstanding common shares of Gold Kist, the company said.
On 30 October, Pilgrim’s Pride announced that it was extending the tender offer expiration date to 29 November 2006, unless further extended.
It also announced that it had received the requisite consents to the proposed amendments to the Notes and the indenture under which the Notes were issued from holders of approximately 99% of the aggregate principal amount of the outstanding Notes.
As a result of the extension, the consideration payable to holders of Gold Kist Notes has been calculated using a new Price Determination Date of 13 November 2006, which is the eleventh business day preceding the scheduled expiration date, Pilgrim’s Pride said.
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By GlobalDataBased on an assumed payment date of 2 December, holders who validly tendered Notes with consents at or prior to 5.00pm, New York City time, on 13 October, will be eligible to receive US$1,153.29 for each $1,000 principal amount of the Notes including a consent payment.
The firm added that holders who validly tendered Notes with consents after the consent date but at or prior to midnight, New York City time, on the expiration date are eligible to receive $1,123.29 for each $1,000 principal amount of the Notes.
