US poultry group Pilgrim’s Pride Corporation has announced that it has raised the price of its offering of senior notes by US$200m.
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The offering of senior notes due in 2015 was priced at $400m, and the senior subordinated notes due 2017 at $250m. The company said the $650m aggregate principal amount of the notes is an increase from the previously announced $450m offering amount.
The offer is expected to close on or about 24 January, 2007, subject to customary conditions, the company said. Pilgrim’s Pride plans to use the net proceeds from the offering to refinance indebtedness incurred in connection with its acquisition of Gold Kist, and to repurchase certain of its outstanding senior subordinated notes.
