Pilgrim’s Pride Corporation $500 Million High-Yield Notes Offering
3/7/2018

Davis Polk advised the representative of the initial purchasers in connection with a $500 million notes offering by Pilgrim’s Pride Corporation, including $250 million of 5.750% senior unsecured notes due 2025 and $250 million of 5.875% senior unsecured notes due 2027, both of which were issued as additional notes pursuant to Rule 144A and Regulation S under the Securities Act.

The proceeds of the issuance will be used in part to pay the purchase price in connection with the expected settlement of a tender offer by Pilgrim’s Pride Corporation to repurchase the outstanding 6.25% senior notes due 2021 issued by its finance subsidiary, Moy Park (Bondco) Plc, and related consent solicitation to eliminate substantially all of the restrictive covenants in the indenture governing the Moy Park notes. Davis Polk advised the dealer manager and solicitation agent.

Pilgrim’s Pride Corporation operates chicken processing plants and prepared-foods facilities in 14 U.S. states, Puerto Rico, Mexico, the United Kingdom and continental Europe. Pilgrim’s Pride’s primary distribution is through retailers, foodservice distributors and restaurants as well as through the export of chicken products to customers all over the world.

The Davis Polk corporate team included partner Manuel Garciadiaz, counsel Drew Glover and associates Konstantinos Papadopoulos, Dongbiao Shen, Randy Li and Billie Solomon. The tax team included partner Rachel D. Kleinberg and associate Dominic Foulkes. Members of the Davis Polk team are based in the New York, Northern California, São Paulo and London offices.