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Pilgrim’s Pride, To-Ricos parent, seeks to raise $500M

Poultry processing and food distributor Pilgrim’s Pride announced Friday it will price $500 million in senior unsecured notes, an increase from the original $350 million it sought to raise earlier this year.

Pilgrim’s Pride — parent company of the To-Ricos chicken processing plant in Aibonito — intends to use the net proceeds from the offering to repay borrowings under its existing term loan credit facilities and to pay fees and expenses incurred in connection with the offering.

The notes will bear interest at a rate of 7.875 percent per year, payable semi-annually in arrears on December 15 and June 15 of each year, beginning on June 15, 2011.The notes will become due in 2018. The offering is expected to close Tuesday.

Author Details
Author Details
Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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