Pilgrim’s Pride seeks to refinance $1 billion of debt

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) intends to refinance up to $1 billion of debt that would be due in 2025.

In a statement Thursday, the Greeley-based chicken-packer said it will issue offers to buy back $1 billion in notes that are due in 2025 with 5.75% interest by April 21 at the latest, and will offer new debt and use some of its own cash to cover the cost of the buybacks.

The company did not say when the newly-issues notes would mature, or at what rate they would accumulate interest.

Pilgrim’s Pride currently holds approximately $2.3 billion in long-term debt ranging in due dates between 2023 and 2027, according to its latest annual report.

© 2021 BizWest Media LLC 

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) intends to refinance up to $1 billion of debt that would be due in 2025.

In a statement Thursday, the Greeley-based chicken-packer said it will issue offers to buy back $1 billion in notes that are due in 2025 with 5.75% interest by April 21 at the latest, and will offer new debt and use some of its own cash to cover the cost of the buybacks.

The company did not say when the newly-issues notes would mature, or at what rate they would accumulate interest.

Pilgrim’s Pride currently holds approximately $2.3 billion in long-term debt ranging in due dates between 2023 and 2027, according to its latest annual report.

© 2021 BizWest Media LLC