Davis Polk advised the initial purchasers in connection with an $850 million debt offering by Pilgrim’s Pride Corporation, including $250 million of 5.750% senior unsecured notes due 2025 and $600 million of 5.875% senior unsecured notes due 2027, both of which were issued pursuant to Rule 144A and Regulation S under the Securities Act.
Pilgrim’s Pride Corporation employs approximately 55,000 people and operates chicken processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the United Kingdom, Ireland and continental Europe. Pilgrim’s Pride’s primary distribution is through retailers and foodservice distributors. Moy Park is a U.K. food company, providing fresh, high-quality and locally farmed poultry and convenience food products.
The Davis Polk corporate team included partner Manuel Garciadiaz, counsel Drew Glover and associates Randy Li and Dongbiao Shen. The environmental team included counsel Betty Moy Huber and associate Michael Comstock. The tax team included partner Michael Mollerus and associates Patrick E. Sigmon and Elina Khodorkovsky. Members of the Davis Polk team are based in the New York and Northern California offices.