Pilgrim's Pride prices $500M in senior notes

Poultry producer Pilgrim's Pride Corp. said Thursday it priced a private offering of $500 million in senior unsecured notes at 99.271 percent of the face amount.

The notes will be due in 2018 and bear interest of 7.875 percent per year. Payments will be made twice a year, beginning next June 15.

The offering was expanded from an originally announced $350 million. It is expected to close on Tuesday.

Pilgrim's Pride shares rose 68 cents, or 10.4 percent, to $7.20 in afternoon trading.


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