Benzinga | Aug 20, 2021 01:42PM EDT

Pilgrim's Pride Prices Upsized $900M Debt Offering

* Pilgrim's Pride Corp (NASDAQ:PPC) has upsized its private offering to $900 million from the previously announced $750 million citing increased demand.

* The Notes due in 2032 will be issued at a price of 100% of the aggregate principal amount reflecting a yield to maturity of 3.50%.

* The sale of the Notes is expected to close on September 2, 2021.

* 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.

* Pilgrim's Pride held $490.02 million in cash and equivalents as of June 27, 2021.

* Recently, JBS S.A. (OTC:JBSAY) submitted a proposal to acquire all of the remaining shares of Pilgrim's Pride that are not already owned at $26.50 per share in cash.

* Price Action: PPC shares traded higher by 0.39% at $27.265 on the last check Friday.