Pilgrim’s Pride Corporation Announces Pricing of Tender Offer for Its 6.250% Senior Notes Due 2033

Rhea-AI Summary

Pilgrim’s Pride (NASDAQ: PPC) priced its tender offer for up to $250,000,000 of its 6.250% Senior Notes due 2033. Approximately $471,546,000 was validly tendered by the Early Tender Date; the company expects to accept $250,000,000 on a prorated basis (~53%) and pay $1,056.90 per $1,000 plus accrued interest on the Early Settlement Date of April 14, 2026.

Positive

• Tender size up to $250,000,000 (27% of outstanding)
• Total Consideration fixed at $1,056.90 per $1,000
• Early Settlement expected April 14, 2026

Negative

• Oversubscription with $471,546,000 tendered (proration ~53%)
• Cash outlay of $250,000,000 reduces available liquidity

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 final pricing and early participation results for Pilgrim’s Pride’s cash t...

Analysis

This announcement details final pricing and early participation results for Pilgrim’s Pride’s cash tender offer for up to $250 million of its 6.250% Senior Notes due 2033, including a 53% proration factor and total consideration of $1,056.90 per $1,000 principal. It follows the March 30 launch of the offer and sits against a backdrop of $18.5 billion in 2025 net sales and significant cash returns to shareholders. Investors may track future debt-management steps alongside earnings and prepared-foods growth.

Key Figures

Maximum Tender Amount: $250,000,000 Notes Outstanding: $922,521,000 Principal Tendered Early: $471,546,000 +5 more

8 metrics

Maximum Tender Amount $250,000,000 Aggregate principal amount targeted in tender offer

Notes Outstanding $922,521,000 Principal amount of 6.250% Senior Notes due 2033 outstanding

Principal Tendered Early $471,546,000 Notes validly tendered by Early Tender Date

Principal Accepted $250,000,000 Notes expected to be purchased in tender offer

Proration Factor 53% Approximate proration factor applied to early tenders

Total Consideration $1,056.90 Per $1,000 principal amount of Notes accepted

Coupon Rate 6.250% Interest rate on Senior Notes due 2033

Reference Yield 4.313% Yield on U.S. Treasury reference security used in pricing

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	Neutral	+2.0%	Announced cash tender offer for up to $250M of 6.250% 2033 notes.
Feb 19	Brand growth update	Positive	-3.0%	Just Bare® hit $1B annual retail sales with 45% year-over-year growth.
Feb 11	2025 earnings results	Positive	-3.6%	Reported $18.5B 2025 net sales and $1.1B GAAP net income with dividends.
Jan 20	Earnings call notice	Neutral	-0.9%	Announced schedule for 2025 year-end earnings release and webcast.

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

Pattern Detected

Recent fundamentally positive updates, including strong 2025 results and brand growth, were followed by negative one-day share reactions, while neutral scheduling announcements had muted impact. A prior tender-offer announcement coincided with a modest gain, suggesting markets have reacted inconsistently to news flow.

Recent Company History

Over the last six months, Pilgrim’s Pride announced earnings dates, a cash tender offer for up to $250 million of its 6.250% Senior Notes due 2033, strong Just Bare® brand growth to $1 billion retail sales, and detailed 2025 results with net sales of $18.5 billion and significant special dividends. Price reactions ranged from about -3.6% on full-year results to around +2.0% on the initial tender-offer launch, indicating mixed market responses. Today’s tender-pricing update follows that prior liability-management step.

Key Terms

tender offer, senior notes, par call date, u.s. treasury reference security, +4 more

8 terms

tender offer financial

"announced today the total consideration payable in connection with its previously announced tender offer"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

View in glossary

senior notes financial

"up to $250 million aggregate principal amount ... of its 6.250% Senior Notes due 2033"

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.

par call date financial

"The par call date is April 1, 2033."

The par call date is the specific time when a company can choose to pay back a bond or debt in full at its original value, known as the face amount or par value. It matters to investors because it indicates when the issuer might repay the debt early, potentially affecting investment plans or expected income. Think of it like a fixed date when a loan can be fully settled, giving investors clarity on when they might get their money back.

u.s. treasury reference security financial

"U.S. Treasury Reference Security (1) | Bloomberg Reference Page"

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.

fixed spread financial

"The Total Consideration ... is calculated using the Fixed Spread and is inclusive of the Early Tender Payment."

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.

reference yield financial

"Reference Yield | Principal Amount Tendered at Early Tender Date"

The reference yield is the standard rate of return on a debt security, like a government bond, that investors expect to earn if they buy it at its current price. It acts like a benchmark, helping investors compare different bonds and decide if they are worth buying, much like checking the interest rate on a savings account to see how much you will earn over time.

early tender date financial

"as of 5:00 p.m., New York City time, on April 10, 2026 (such date and time, the “Early Tender Date”)"

An early tender date is a deadline within a buyout or exchange offer when shareholders or bondholders can agree to sell their securities sooner than the final deadline to receive special incentives, such as a higher price or faster payment. Think of it like an “early-bird” cutoff for a sale: choosing it can lock in better terms and speed up the deal, and investors’ decisions by that date can materially affect the likelihood, timing and pricing of the transaction.

early settlement date financial

"to make payment on April 14, 2026 (the “Early Settlement Date”) for Notes that were validly tendered"

An early settlement date is the new, earlier day when a financial obligation — such as the delivery of shares, payment for a bond, or completion of a corporate action — is completed sooner than originally scheduled. It matters to investors because receiving cash or assets earlier changes cash flow timing, reinvestment opportunities, tax reporting and short-term risk exposure, like getting a paycheck a week early or having a bill paid ahead of schedule.

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

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GREELEY, Colorado, April 13, 2026 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) (the “Company”) announced today the total consideration payable in connection with its previously announced 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 table below sets forth, among other things, the aggregate principal amount of the Notes validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on April 10, 2026 (such date and time, the “Early Tender Date”) and expected to be accepted for purchase in each Tender Offer, the approximate proration factor for the Notes and the Total Consideration for the Notes, as calculated at 10:00 a.m., New York City time, April 13, 2026.

Title of Security	CUSIP/ISIN	Principal Amount Outstanding	U.S. Treasury Reference Security(1)	Bloomberg Reference Page	Fixed Spread	Reference Yield	Principal Amount Tendered at Early Tender Date	Principal Amount Expected to be Accepted	Approximate Proration Factor	Total Consideration(2)(3)
6.250% Senior Notes due 2033	72147KAK4/US72147KAK43	$922,521,000	4.125% UST due 2/15/36	FIT1	+ 95 bps	4.313%	$471,546,000	$250,000,000	53%	$1,056.90

1. The par call date is April 1, 2033.
2. Per $1,000 principal amount of Notes validly tendered prior to or at the Early Tender Date (as defined below) and expected to be accepted for purchase.
3. The Total Consideration for the Notes validly tendered prior to or at the Early Tender Date and expected to be accepted for purchase is calculated using the Fixed Spread and is inclusive of the Early Tender Payment.  The Total Consideration for the Notes does not include the accrued and unpaid interest, which will be payable in addition to the Total Consideration.

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.

Withdrawal rights for the Notes expired on the Early Tender Date.  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 of approximately 53%.  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 Total Consideration listed in the table above will be paid per $1,000 principal amount of the Notes validly tendered and accepted for purchase pursuant to the Tender Offer on the Early Settlement 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.

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

What did Pilgrim’s Pride (PPC) announce about its 6.250% notes on April 13, 2026?

They announced pricing for a tender offer to purchase up to $250,000,000 aggregate principal of 6.250% Senior Notes due 2033. According to the company, $471,546,000 was validly tendered by the Early Tender Date, so acceptances will be prorated.

How much will Pilgrim’s Pride (PPC) pay per $1,000 for accepted 2033 notes?

Pilgrim’s Pride will pay $1,056.90 per $1,000 principal for accepted notes, plus accrued interest. According to the company, that Total Consideration includes the Early Tender Payment and is calculated using the specified fixed spread.

Will all holders who tendered Pilgrim’s Pride (PPC) 2033 notes be accepted?

No, not all tendered notes will be accepted because tenders exceeded the $250,000,000 cap. According to the company, expected acceptance will be prorated at approximately 53%, so many holders will have tendered notes returned.

When will Pilgrim’s Pride (PPC) pay for accepted tendered 6.250% notes?

Payment for accepted notes is expected on the Early Settlement Date of April 14, 2026. According to the company, holders accepted for purchase will also receive accrued and unpaid interest up to, but not including, that date.

How many of the 6.250% Senior Notes due 2033 were validly tendered by the Early Tender Date?

Holders validly tendered $471,546,000 aggregate principal of the 2033 notes by the Early Tender Date. According to the company, that amount exceeds the $250,000,000 Maximum Tender Amount, triggering the approximate 53% proration.