PITTSBURG, Texas, May 12 /PRNewswire-FirstCall/ -- Pilgrim's Pride
Corporation (NYSE: PPC) today announced that it has agreed to an underwritten
offering, subject to standard closing conditions, with Lehman Brothers Inc.,
as sole underwriter, for the sale of 7,500,000 shares of its common stock for
total consideration to Pilgrim's Pride of approximately $180 million. The
shares will be resold by Lehman Brothers under Pilgrim's Pride's shelf
registration statement.
Pilgrim's Pride will use the net proceeds of the offering to reduce
outstanding indebtedness under its credit facilities and for general corporate
purposes.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy the common stock. A registration statement
relating to the notes was declared effective by the Securities and Exchange
Commission on December 5, 2005, and this offering will be made by means of a
prospectus supplement. Copies of the prospectus supplement relating to the
offering may be obtained from the offices of Lehman Brothers at the following
address:
745 Seventh Avenue
New York, New York 10019
Attention: Prospectus Department
Or by calling toll free at: 1-888-603-5847
An electronic copy of the prospectus supplement will also be available on
the website of the Securities and Exchange Commission at http://www.sec.gov.
Contact:
Gary Rhodes
Vice President, Corporate Communications & Investor Relations
(903) 434-1495
SOURCE Pilgrim's Pride Corporation
Gary Rhodes, Vice President, Corporate Communications & Investor Relations of
Pilgrim's Pride Corporation, +1-903-434-1495
