Pilgrim’s Pride Corporation Announces Early Tender Results for up to $250 Million Aggregate Principal Amount of Its Outstanding 6.250% Senior Notes Due 2033

Rhea-AI Summary

Pilgrim’s Pride (NASDAQ: PPC) announced early tender results for its cash tender offer to repurchase up to $250.0 million aggregate principal amount of its 6.250% Senior Notes due 2033.

As of 5:00 p.m. ET on April 10, 2026, $471,546,000 of Notes were validly tendered; the company expects proration and an Early Settlement Date of April 14, 2026.

Positive

• High participation: $471,546,000 tendered by April 10, 2026
• Maximum repurchase: Company to accept $250,000,000 principal amount
• Early settlement date set for April 14, 2026

Negative

• Proration likely because tenders exceed $250,000,000
• Holders tendering after April 10 likely ineligible for acceptance

News Market Reaction – PPC

+0.54%

+0.54% Session close to close

In the Apr 13 session, PPC gained 0.54%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details early tender results for Pilgrim’s Pride’s cash offer to repurchase up to ...

Analysis

This announcement details early tender results for Pilgrim’s Pride’s cash offer to repurchase up to $250 million of its 6.250% Senior Notes due 2033, with $471,546,000 already tendered. It follows the March 30 launch of the offer and sits within a broader backdrop of strong 2025 results and sizable special dividends. Investors may track final proration, the Treasury-based Total Consideration, and upcoming earnings to assess how debt management interacts with cash flow and leverage.

Key Figures

Maximum Tender Amount: $250 million Notes Tendered: $471,546,000 Coupon Rate: 6.250% +5 more

8 metrics

Maximum Tender Amount $250 million Cash tender offer cap for 6.250% Senior Notes due 2033

Notes Tendered $471,546,000 Aggregate principal amount validly tendered by Early Tender Date

Coupon Rate 6.250% Interest rate on Senior Notes due 2033

Maturity Year 2033 Maturity of the Senior Notes subject to tender

Note Denomination $1,000 Principal amount per Note used to determine Total Consideration

Early Tender Date April 10, 2026 Deadline for early tender and withdrawal rights

Early Settlement Date April 14, 2026 Expected payment date for Notes accepted early

Price Determination Date April 13, 2026 Date to set Treasury-based Total Consideration

Historical Context

5 past events · Latest: Apr 08 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 08	Earnings call notice	Neutral	+0.1%	Scheduled Q1 2026 earnings release and conference call details.
Mar 30	Debt tender launch	Positive	+2.0%	Announcement of cash tender offer for up to $250M of 6.250% 2033 notes.
Feb 19	Brand growth update	Positive	-3.0%	Just Bare brand reaches $1B annual retail sales with strong growth.
Feb 11	Full-year 2025 earnings	Positive	-3.6%	Robust 2025 sales, income, EBITDA and $2B special dividends reported.
Jan 20	Earnings call notice	Neutral	-0.9%	Announcement of Q4 and FY2025 earnings release and call timing.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

News has often been followed by meaningful moves, with positive fundamentals occasionally met by negative price reactions.

Recent Company History

Over the past months, PPC has reported strong 2025 results, including net sales of $18.5 billion and significant special dividends, alongside mixed regional performance. It also launched a cash tender offer for up to $250 million of its 6.250% 2033 notes, now followed by today’s early tender results. Brand momentum (e.g., Just Bare’s $1 billion sales) and regular earnings communications show an active capital and growth agenda, while share reactions have sometimes diverged from seemingly positive fundamentals.

Key Terms

cash tender offer, senior notes, fixed spread, u.s. treasury reference security, +4 more

8 terms

cash tender offer financial

"announced today the early tender results for its cash tender offer (the “Tender Offer”)"

A cash tender offer is a public proposal in which an individual or group offers to buy a set number of a company's shares directly from shareholders for a specified cash price during a limited time. It matters to investors because it gives a clear, immediate chance to sell shares at a known price — like a store offering to buy back items at a posted rate — and can affect the stock’s market price, ownership control and liquidity.

senior notes financial

"up to $250 million ... of its 6.250% Senior Notes due 2033 (the “Notes”)"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

fixed spread financial

"by reference to the fixed spread for the Notes (the “Fixed Spread”) plus the yield"

A fixed spread is a set difference between the buying and selling prices of a financial instrument that remains constant regardless of market conditions. For investors, this means the cost to trade stays predictable, making it easier to understand potential expenses and plan accordingly—similar to a fixed fee in a service that doesn’t change, no matter how busy or slow the market becomes.

u.s. treasury reference security financial

"plus the yield based on the bid-side price of the U.S. Treasury Reference Security"

A U.S. Treasury reference security is a specific U.S. government bond or note chosen as the benchmark that other Treasury instruments use to set yields, prices, or interest payments. Think of it as the labeled item on a store shelf that other similar products are compared to; investors use it as a common yardstick to judge value, gauge interest-rate expectations, and price trades, so changes in that reference can move returns and market behavior.

accrued and unpaid interest financial

"Holders will also receive accrued and unpaid interest on Notes validly tendered"

Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.

dealer manager financial

"BMO Capital Markets Corp. is the dealer manager for the Tender Offer."

A dealer manager is a financial firm — often a broker-dealer or investment bank — that organizes, markets and coordinates the sale of a new securities offering (such as bonds or structured products) to other brokers and investors. Think of it as the project manager and sales team for the deal: its pricing choices, marketing reach and allocation decisions influence how widely the issue is distributed, how competitively it is priced, and how easy it is for investors to buy or sell afterward.

tender and information agent financial

"D.F. King & Co., Inc. is the tender and information agent for the Tender Offer."

A tender and information agent is an independent third party that runs and communicates a formal offer for shareholders to sell or exchange their securities, handling paperwork, collecting acceptances, and answering investor questions. Think of it as the event organizer and help desk for a buyout or exchange offer: it ensures the process runs smoothly, keeps records, and provides reliable, timely information—critical for investors deciding whether to accept an offer.

blue sky laws regulatory

"in any jurisdiction in which the Tender Offer or the acceptance thereof would not be in compliance with the securities or blue sky laws"

State-level securities laws that require companies and investment products to register, disclose key information, or meet exemptions before being sold to residents; they act like local consumer protection rules for investments. They matter to investors because they reduce the risk of fraud, ensure basic disclosure about what is being offered, and can affect where and how easily an investment can be bought or sold—similar to how building codes affect whether a house can be advertised in a neighborhood.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GREELEY, Colorado, April 10, 2026 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) (the “Company”) announced today the early tender results for its cash tender offer (the “Tender Offer”) for up to $250 million aggregate principal amount (the “Maximum Tender Amount”) of its 6.250% Senior Notes due 2033 (the “Notes”).

The Company has been advised that as of 5:00 p.m., New York City time, on April 10, 2026 (such date and time, the “Early Tender Date”), $471,546,000 aggregate principal amount of Notes had been validly tendered and not validly withdrawn in the Tender Offer. Withdrawal rights for the Notes expired on the Early Tender Date.

The Tender Offer is being made upon the terms, and subject to the conditions, previously described in the offer to purchase dated March 30, 2026 (the “Offer to Purchase”). The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Tender Offer.

The Company expects to elect to exercise its right to make payment on April 14, 2026 (the “Early Settlement Date”) for Notes that were validly tendered prior to or at the Early Tender Date and that are accepted for purchase.

Because the aggregate principal amount of Notes that have been validly tendered and not validly withdrawn prior to or at the Early Tender Date exceeds the Maximum Tender Amount, the Company does not expect to accept for purchase all Notes that have been validly tendered and not validly withdrawn prior to or at the Early Tender Date. Rather, the Company expects to accept for purchase $250,000,000 aggregate principal amount of the Notes validly tendered and not validly withdrawn prior to or at the Early Tender Date on a prorated basis using a proration factor to be announced following the determination of the Total Consideration (as defined herein). As described further in the Offer to Purchase, Notes tendered and not accepted for purchase will be promptly credited to the tendering holder’s account. Additionally, because the Notes validly tendered and not validly withdrawn prior to or at the Early Tender Date have an aggregate principal amount that exceeds the Maximum Tender Amount, the Company does not expect to accept for purchase any Notes tendered after the Early Tender Date on a subsequent settlement date.

The consideration (the “Total Consideration”) offered per $1,000 principal amount of the Notes validly tendered and accepted for purchase pursuant to the Tender Offer will be determined in the manner described in the Offer to Purchase by reference to the fixed spread for the Notes (the “Fixed Spread”) plus the yield based on the bid-side price of the U.S. Treasury Reference Security at 10:00 a.m., New York City time, on April 13, 2026 (the “Price Determination Date”). Only holders of Notes who validly tendered and did not validly withdraw their Notes prior to or at the Early Tender Date are eligible to receive the Total Consideration for Notes accepted for purchase. Holders will also receive accrued and unpaid interest on Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the Early Settlement Date.

Promptly after the Price Determination Date, the Company will issue a news release specifying, among other things, (i) the aggregate principal amount of Notes validly tendered and not validly withdrawn as of the Early Tender Date and expected to be accepted for purchase in the Tender Offer, (ii) the proration factor for the Notes and (iii) the Total Consideration for the Notes expected to be accepted for purchase.

The Company’s obligation to purchase, and to pay for, Notes validly tendered in the Tender Offer and not validly withdrawn pursuant to the Tender Offer is conditioned upon the satisfaction or, when applicable, waiver of certain conditions, which are more fully described in the Offer to Purchase. The Tender Offer is not conditioned upon the tender of any minimum principal amount of Notes. However, the Tender Offer is subject to the Maximum Tender Amount. The Company reserves the right, but is under no obligation, to increase the Maximum Tender Amount at any time, subject to compliance with applicable law. In the event of a termination of the Tender Offer, neither the applicable consideration will be paid or become payable to the holders of the Notes, and the Notes tendered pursuant to the Tender Offer will be promptly returned to the tendering holders. The Company has the right, in its sole discretion, to not accept any tenders of Notes for any reason and to amend or terminate the Tender Offer at any time.

Information Relating to the Tender Offer

BMO Capital Markets Corp. is the dealer manager for the Tender Offer. Investors with questions regarding the terms and conditions of the Tender Offer may contact BMO Capital Markets Corp. at +1 (833) 418-0762 (toll-free) or +1 (212) 702-1840 (collect) or by email at LiabilityManagement@bmo.com.

D.F. King & Co., Inc. is the tender and information agent for the Tender Offer. The full details of the Tender Offer, including complete instructions on how to tender Notes, are included in the Offer to Purchase. Investors with questions regarding the procedures for tendering Notes and/or that want to obtain the Offer to Purchase may contact the tender and information agent by email at ppc@dfking.com, or by phone at +1 (646) 981-1284 (for banks and brokers only) or + 1 (877) 283-0318 (for all others, toll-free). Beneficial owners may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance.

Neither the Offer to Purchase nor any related documents have been filed with the U.S. Securities and Exchange Commission, nor have any such documents been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer to Purchase or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary.

The Tender Offer is being made solely on the terms and conditions set forth in the Offer to Purchase. Under no circumstances shall this news release constitute an offer to buy or the solicitation of an offer to sell the Notes or any other securities of the Company or any of its subsidiaries. The Tender Offer is not being made to, nor will the Company accept tenders of Notes from, holders in any jurisdiction in which the Tender Offer or the acceptance thereof would not be in compliance with the securities or blue sky laws of such jurisdiction. No recommendation is made as to whether holders should tender their Notes. Holders should (i) carefully read the Offer to Purchase because it contains important information, including the various terms and conditions of the Tender Offer, (ii) consult their own investment and tax advisors and (iii) make their own decisions whether to tender Notes in the Tender Offer, and, if so, the principal amount of Notes to tender.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “outlook,” “believe” and similar terms. Although the Company believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially.

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The foregoing review of factors that could cause the Company’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect the Company’s future results included in the Company’s filings with the SEC at www.sec.gov.

About Pilgrim’s Pride Corporation

The Company employs approximately 63,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the United Kingdom, the Republic of Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors.

Contacts:

Andy Rojeski
Investor Relations
Phone: (970) 506 7783
IRPPC@pilgrims.com

Diego Pirani
Treasurer
Phone: +1 (970) 506-8117
e-mail: JBS.USA@jbssa.com

Nikki Richardson
Pilgrim’s Pride Corporation Communications
nikki.richardson@jbssa.com

FAQ

How many Pilgrim’s Pride (PPC) 6.250% notes were validly tendered by April 10, 2026?

A total of $471,546,000 aggregate principal amount of the 6.250% notes were validly tendered by 5:00 p.m. ET on April 10, 2026. According to the company, that amount exceeds the $250.0 million Maximum Tender Amount and triggers expected proration.

Will Pilgrim’s Pride (PPC) accept all tendered notes in the April 2026 offer?

No, the company expects to accept $250.0 million aggregate principal amount on a prorated basis. According to the company, applications exceeding the Maximum Tender Amount will be accepted using a proration factor to be announced.

When is the Early Settlement Date for Pilgrim’s Pride (PPC) tendered notes?

The company expects to make payment on the Early Settlement Date of April 14, 2026 for notes validly tendered by the Early Tender Date. According to the company, accepted notes will also receive accrued interest up to that date.

How will Pilgrim’s Pride (PPC) determine the Total Consideration for accepted notes?

Total Consideration will be set by reference to the Fixed Spread plus the yield on a U.S. Treasury reference security at 10:00 a.m. ET on April 13, 2026. According to the company, the Price Determination Date will determine the final cash per $1,000.

Can holders tender Pilgrim’s Pride (PPC) notes after the Early Tender Date and still be accepted?

Because valid tenders exceeded the Maximum Tender Amount, the company does not expect to accept any notes tendered after the Early Tender Date. According to the company, only notes validly tendered by April 10, 2026 are eligible for acceptance.