Benzinga | Aug 19, 2021 01:15PM EDT

Pilgrim's Pride To Raise $750M Via Debt Offering

* Pilgrim's Pride Corp (NASDAQ:PPC) announced a private offering of up to $750.0 million in aggregate principal amount of senior unsecured notes.

* The company intends to use the offering proceeds to finance its acquisition of the Meats and Meals businesses of Kerry Consumer Foods in the U.K. and Ireland and to pay related fees and expenses.

* It plans to use the remaining proceeds to repay outstanding revolver borrowings under the secured credit facility and for general corporate purposes.

* The company held $490.02 million in cash and equivalents as of June 27, 2021.

* Price Action: PPC shares traded higher by 0.04% at $27.16 on the last check Thursday.