Commentary & Deal Flow

Pilgrim’s Pride Corporation, one of the world's leading providers of poultry, retail-ready, and prepared foods, including well-recognized brands and value-added premium products, (ticker: "PPC"), rated Ba2 (pos)/BBB- (stb)/BBB- (stb) by Moody's/S&P/Fitch, has mandated BBVA, BMO Capital Markets, Citigroup, ING, Mizuho, Rabobank, RBC Capital Markets and TD Securities as Active Joint Bookrunners to arrange a series of in-person and virtual fixed income meetings on 07-08-Sep. An investor presentation has been made available on the DealRoadshow platform. ING will be coordinating logistics.

An expected €500m WNG, 144A/Reg S, senior unsecured Long 7yr EUR offering will follow, subject to market conditions.

• Co-Issuers: Pilgrim’s Pride Corporation and Pilgrim’s Europe Finance plc
• Expected Issue Ratings: BBB-/BBB- (S&P/Fitch)
• Use of Proceeds: General corporate purposes, including to fund the consideration in connection with the recently announced acquisition of Walkers Deli & Sausage Company and to pay related costs and expenses.
• Manufacturer Target Market: Eligible counterparties and professional clients only (all distribution channels). No key information document (KID) under EU PRIIPs Regulation or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or the UK.
• Important Notice: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.