Source:  MEATINGPLACE.COM, 12/1/10


Pilgrim's Pride Corp. said it will sell $350 million of eight-year notes through a private placement and use the proceeds to repay an existing loan.

The notes, due in 2018, will be guaranteed on a senior unsecured basis. The company said it will use proceeds from the notes to repay borrowings under its existing term loan credit facilities.

The poultry producer is owned by Brazilian protein giant JBS S.A., which acquired a majority stake as part of a reorganization plan that Pilgrim’s filed last fall under Chapter 11 bankruptcy.

JBS Chief Executive Joesley Batista last month said the company’s plans for an initial public offering through its U.S.-based unit, already delayed twice in 2010 due to market conditions, now won’t likely occur until the second half of 2011.

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