Commentary & Deal Flow

Reoffer: Long 7yr: MS+140bp / 99.866 / 4.776%
Benchmark: Long 7yr: DBR 2.6 15-Aug-33 @ 95.96 / B+151.5bp ; HR 102%

Tranche 1 (Long 7yr): Final Books €1.15bn+ good at reoffer. Peak book 1.65bn+

Launched: Long 7yr: €500m @ MS+140bp - Books 1.65bn+
IPTs: 7yr: MS+165/170bp

• Co-issuers: Pilgrim’s Pride Corporation (Ticker: PPC) and Pilgrim’s Europe Finance PLC
• Co-issuer LEIs: 549300ZSLGV64ZL3HD75 / 2549008V7R5FUIXOPX51
• Format: 144A / Reg S with registration rights, NSS, TEFRA not applicable
• Expected Security Ratings (S&P/Fitch): BBB- / BBB-
• Ranking: Senior Unsecured Notes
• Tenor: Long 7 year
• Currency: €
• Size: 500mm
• Settlement: 23-Sep-26 (T+10)
• Maturity Date: 23-Jan-34
• Reoffer: MS+140 / 4.776% / 99.866
• Coupon Type: 4.75% Fixed rate, annual, Act/Act (ICMA), short first
• Benchmark: DBR 2.6 15-Aug-33 @ 95.96 + 151.5 bps ; HR 102%
• MWC: B+25 bps
• Optional Redemption: Make Whole Call; Par Call: 3-month (s) prior to maturity; Tax Call; 90% clean-up
• Change of Control Put: 101.00% upon Change of Control Triggering Event
• Business Days: New York, T2
• Governing Law: New York Law
• Book Runner(s): BMO Capital Markets, BBVA, Citigroup, ING, Mizuho, Rabobank (B&D), RBC Capital Markets, TD Securities
• Documentation: Preliminary OM dated 4-Sep-26
• Marketing URL: https://dealroadshow.com/e/PPC26
• 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. The offering is not conditioned on the closing of the acquisition of Walkers Deli & Sausage Company.
• Denominations: €100,000 x €1,000
• Clearing: Euroclear / Clearstream
• Selling Restrictions: As per the Preliminary Offering Memorandum “Plan of Distribution—Selling Restrictions”
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK
• Listing: TISE, The International Stock Exchange
• CUSIP: 144A: [ ]Reg S: 350773622
• ISIN: 144A: [ ]Reg S: XS3507736224
• Timing: Priced, ToE 15:05 LDN, FTT 15:30 LDN