Pilgrim's Pride Raises $200m in Rights Offering
US - Pilgrim's Pride Corporation has raised $200million in the allocation of shares in its previously announced rights offering.
8 March 2012
2 minute read
By: The Company will issue a total of 44,444,444 shares of the Company's common stock to stockholders that exercised their basic and over-subscription rights.
In connection with the rights offering, Pilgrim's majority stockholder, JBS USA Holdings, Inc. exercised its basic and over-subscription rights in full, with their resulting ownership interest totaling 68.0 per cent at the conclusion of the offering.
"We are pleased with the 94% participation rate in our offering exercised by our stockholders. There were oversubscription requests of 60 per cent more than the shares we issued, which we believe signals confidence in the strategy we have implemented," said Bill Lovette, Pilgrim's Chief Executive Officer.
Pilgrim's will receive $200 million of gross proceeds in connection with the offering, which will be used to improve the Company's capital position and to fund general operating requirements.
The new shares will be issued and available to stockholders by 9March, the date of record for the 2012 annual stockholder's meeting.
