Pilgrim’s Pride closes $900M debt sale
GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) closed a previously announced $900 million senior notes offering to pay for its purchase of a foods business in the United Kingdom.
The offering is an upgrade from an original $750 million. The notes pay 3.5%, are due in 2032, and were sold to qualified institutional buyers in the U.S. and others overseas.
Proceeds will pay for the meatpacking company’s June acquisition of the “meats and meals” business of Dublin-based Kerry Consumer Foods for $950 million.
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Pilgrim’s Pride employs about 55,000 people in North America and Europe; it’s majority owned by JBS SA, based in Brazil.