Pilgrim’s Pride Announces New Credit Facility
May 09 2017 - 6:24PM
Pilgrim’s Pride Corporation (NASDAQ:PPC) (the “Company”) announced
today that the Company has entered into a credit agreement,
effective May 8, 2017, for a new $750 million revolving credit
facility and a term loan commitment of $800 million through a
consortium of banks. The new facility replaces the Company's
existing $700 million revolving facility and $500 million term loan
commitment. The proceeds of the loans under the new term loan
commitment repaid outstanding revolving borrowings. The
maturity date of the new facility will be May 6, 2022. As of March
26, 2017, the Company had letters of credit of $42.7 million,
$314.6 million outstanding revolving borrowings, and $500 million
term loans outstanding under the replaced credit facility.
About Pilgrim’s Pride
Pilgrim’s employs approximately 41,900 people and operates
chicken processing plants and prepared-foods facilities in 14
states, Puerto Rico and Mexico. The Company’s primary
distribution is through retailers and foodservice
distributors. For more information, please visit
www.pilgrims.com.
Forward-Looking Statements
Statements contained in this press release that state the
intentions, plans, hopes, beliefs, anticipations, expectations or
predictions of the future of Pilgrim’s Pride Corporation and its
management are considered forward-looking statements. It is
important to note that actual results could differ materially from
those projected in such forward-looking statements. Factors that
could cause actual results to differ materially from those
projected in such forward-looking statements include: matters
affecting the poultry industry generally; the ability to execute
the Company’s business plan to achieve desired cost savings and
profitability; future pricing for feed ingredients and the
Company’s products; outbreaks of avian influenza or other diseases,
either in Pilgrim’s Pride’s flocks or elsewhere, affecting its
ability to conduct its operations and/or demand for its poultry
products; contamination of Pilgrim’s Pride’s products, which has
previously and can in the future lead to product liability claims
and product recalls; exposure to risks related to product
liability, product recalls, property damage and injuries to
persons, for which insurance coverage is expensive, limited and
potentially inadequate; management of cash resources; restrictions
imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes
in laws or regulations affecting Pilgrim’s Pride’s operations or
the application thereof; new immigration legislation or increased
enforcement efforts in connection with existing immigration
legislation that cause the costs of doing business to increase,
cause Pilgrim’s Pride to change the way in which it does business,
or otherwise disrupt its operations; competitive factors and
pricing pressures or the loss of one or more of Pilgrim’s Pride’s
largest customers; currency exchange rate fluctuations, trade
barriers, exchange controls, expropriation and other risks
associated with foreign operations; disruptions in international
markets and distribution channel, including anti-dumping
proceedings and countervailing duty proceedings; and the impact of
uncertainties of litigation as well as other risks described under
“Risk Factors” in the Company’s Annual Report on Form 10-K and
subsequent filings with the Securities and Exchange Commission.
Pilgrim’s Pride Corporation undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
Contact: |
Dunham Winoto |
|
Director, Investor
Relations |
|
IRPPC@pilgrims.com |
|
(970) 506 8192 |
|
www.pilgrims.com |
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