GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) on Tuesday said it entered a credit agreement with a consortium of banks for a $750 million revolving loan and a term-loan commitment of $800 million.
The new loans replace the company’s existing $700 million revolving loan and $500 million term-loan commitment. The proceeds of the new loans were used to pay off outstanding revolving borrowings.
Greeley-based Pilgrim’s pride employs approximately 41,900 people and operates chicken-processing plants and prepared-foods facilities in 14 states, Puerto Rico and Mexico. The Company’s primary distribution is through retailers and foodservice distributors.
Earlier this month, the Greeley-based chicken processor reported a profit of $93.9 million for its first quarter that ended March 31. The company recorded revenue of $2.02 billion, a 2.9 percent increase compared with the same quarter a year ago. Pilgrim’s Pride posted earnings per share of 38 cents.