Pilgrim’s Pride Corporation (NYSE: CHX) announced yesterday that it proposes to offer $200 million of senior unsecured notes due in 2011. Pilgrim’s Pride will use the proceeds of the offering to redeem its outstanding senior subordinated notes and reduce outstanding indebtedness under its revolving/term borrowing facility.
The notes will be issued under a shelf registration statement covering an aggregate $400 million of securities, which has been filed with and declared effective by the Securities and Exchange Commission.
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This announcement does not constitute an offer to sell or the solicitation of an offer to buy the notes.
Pilgrim’s Pride Corporation is currently the second largest poultry company in the United States; the third largest in chicken and the fourth largest in turkey, and second largest chicken company in Mexico. Pilgrim’s Pride employs more than 22,500 persons and operates processing and further processing plants, distribution centers, hatcheries and feed mills in Texas, Arkansas, Arizona, North Carolina, Pennsylvania, Oklahoma, Virginia and West Virginia and Mexico.
Products are sold under the “Pilgrim’s Pride®” and “Wampler Foods®” labels to foodservice, retail and frozen entree customers. The Company’s primary distribution is through retailers and restaurants throughout the United States and in the Northern and Central regions of Mexico and to the foodservice industry nation-wide in both countries.
Contact: Richard A. Cogdill, Chief Financial Officer
(903) 855-4205
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