Pilgrim’s Pride refinances $896.14M in long-term debt

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) will buy back just more than $896.14 million in long-term debt as part of a refinancing effort.

In a statement, the company said note-holders of $1 billion of debt that would be due in 2025 offered to trade in 89.61% of those notes, which hold a 5.75% interest rate.

Pilgrim’s previously said it would offer some of its reserved cash to cover the buyback along with new debt issuances, but has yet to disclose the interest rate or maturation date of that new debt.

The company 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) will buy back just more than $896.14 million in long-term debt as part of a refinancing effort.

In a statement, the company said note-holders of $1 billion of debt that would be due in 2025 offered to trade in 89.61% of those notes, which hold a 5.75% interest rate.

Pilgrim’s previously said it would offer some of its reserved cash to cover the buyback along with new debt issuances, but has yet to disclose the interest rate or maturation date of that new debt.

The company 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