US poultry producer Pilgrim’s Pride has completed its public offering of 7.5m shares in the company, a move that has raised US$177m.

The company said it would use the proceeds of the offering to reduce outstanding indebtedness under its credit facilities and for general corporate purposes.

Pilgrim’s announced the share offer last week. Upon the announcement, stock in the company fell 6%.

To offset surging commodity costs, Pilgrim’s has closed distribution centers and a processing plant, cut jobs and sold its turkey business. In June, it will reduce its weekly chicken-supply output by 5%.