Pilgrim's Pride informs SEC of certain amendments to its financial structure

Nevin Barich

SAO PAULO , December 21, 2011 (press release) – JBS SA (JBSS3) communicates to its shareholders and to the market in general that a subsidiary indirectly controlled by JBS SA and listed in the U.S. under the regulation of the United States Securities and Exchange Commission (SEC), Pilgrim’s Pride Corporation (PPC) today filed a Communication (8K) with the SEC informing of certain amendments to its financial structure. The complete document including attachments can be accessed on the SEC web-page or at www.pilgrims.com.

Furthermore, PPC also filed an S-3 with the SEC today detailing the Registration Statement regarding the Rights Offering at PPC announced on December 08, 2011. This S-3 is also available on the SEC web-page or atwww.pilgrims.com.

Upon the completion of the rights offering and as part of the CoBank Credit Facility amendments, JBS will no longer be required to make a further USD50 million loan to PPC and furthermore, PPC is allowed to prepay JBS the principal and interest on the USD50 million facility provided by JBS in June 2011.

JBS SA believes that these financial amendments at Pilgrim’s Pride as well as the Registration of the Rights Offering will strengthen the Company’s financial position as 2012 approaches with the perspective of the recovery of the chicken industry in the U.S. as exports continue to expand and domestic consumption begins to recover.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.