The investment-grade notes are due 2034

Davis Polk advised the representatives of the several underwriters in connection with an SEC-registered offering by Pilgrim’s Pride Corporation (PPC) of $500 million aggregate principal amount of its 6.875% senior notes due 2034.

The proceeds of the issuance will be used to pay the purchase price in connection with the settlement of a tender offer by PPC to repurchase its outstanding 5.875% senior notes due 2027 and related consent solicitation to eliminate substantially all of the restrictive covenants in the indenture governing the notes. Davis Polk advised the dealer manager and solicitation agent.

PPC is primarily engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors and foodservice operators. PPC markets its products to a diverse set of over 51,100 customers across the United States, the United Kingdom and Europe, Mexico and in approximately 120 other countries.

The Davis Polk corporate team included Manuel Garciadiaz, Drew Glover and Alexandre Diniz. Mario J. Verdolini and Benjamin Helfgott advised on U.S. tax matters. Members of the Davis Polk team are based in the São Paulo, Northern California and New York offices.