Pilgrim’s Pride announced the pricing of senior unsecured notes for a total amount of $900 million to help the company finance its previously announced acquisition of the Meats and Meals business of Kerry Consumer Foods.
The remainder of the proceeds from the notes will be used to repay outstanding revolver borrowings under the secured credit facility and for general corporate purposes.
According to a press release from the company, the notes will be issued at a price of 100% of the aggregate principal amount, reflecting a yield to maturity of 3.5%. The notes will be due in 2032.
The sale of the notes is expected to close on September 2, subject to customary closing conditions. Each of the company’s domestic wholly-owned restricted subsidiaries that guarantee the company’s secured credit facility will guarantee the notes.
Prior to the offering of the notes, S&P Global announced that because JBS recently announced its intention to acquire the remaining shares of Pilgrim’s Pride, it now views Pilgrim’s as a core subsidiary of JBS.
JBS, a multi-protein company and the world’s largest poultry producer, owned an 80.21% stake in Pilgrim’s Pride at the time it announced its intent to purchase all remaining shares.
Pilgrim’s Pride has operations in the United States, Mexico and Europe. It’s European operations include Moy Park, which it acquired in 2017, and Tulip, which it acquired in 2019. Kerry Food Group has operations in the United Kingdom (UK) and in Ireland, and is a manufacturer of branded and private label meats, meat snacks and food-to-go products, as well as ethnic chilled and frozen ready meals.
JBS, meanwhile, also remains active on the mergers and acquisitions front. It recently announced plans to acquire Huon Aquaculture Group, Rivalea Holdings and Oxdale Dairy Enterprise, all located in Australia. It also recently closed on its acquisition of Vivera, a plant-based protein company headquartered in the Netherlands.
Par Roy Graber (20/08/2021)
Source : wattagnet.com
Photo : tirée de l'article original