Moy Park (Bondco) Plc Announces That It Intends To Launch A Tender Offer And Consent Solicitation For Its 6.25% Senior Notes Due 2021
In connection with the Tender Offer, the Issuer also intends to solicit (the “Consent Solicitation”) the consents of the holders of the Notes to the adoption of certain amendments (the “Proposed Amendments”) to the indenture governing the Notes to eliminate substantially all of the restrictive covenants, as well as various events of default and related provisions contained in such indenture. The Proposed Amendments require the consents (the “Required Consents”) of holders of at least a majority in aggregate principal amount of the outstanding Notes. Holders who tender outstanding Notes pursuant to the Tender Offer will also be providing consents with respect to the Proposed Amendments.
The anticipated total consideration payable to holders for each £1,000 principal amount of Notes validly tendered and purchased pursuant to the Tender Offer will be £1,027.50 (the “Total Consideration”), plus accrued and unpaid interest to the date of repurchase. The Total Consideration includes a consent payment of £30.00 per £1,000 principal amount of Notes (the “Consent Payment”) payable only to holders that validly tender their Notes and deliver their consents at or prior to
The following table below summarizes certain payment terms of the Tender Offer and the Consent Solicitation:
|Outstanding Principal Amount of Notes||Description of Notes||Total Consideration1||Consent Payment1||Tender Offer Consideration2|
|£298,815,000||6.25% Senior Notes due 2021
|(Common Code No. 107249575 (Rule 144A) / 107249524 (Reg S))|
|(ISIN No. XS1072495754 (Rule 144A) / XS1072495242 (Reg S)|
- The amount to be paid for each £1,000 principal amount of Notes validly tendered at or prior to the Consent Payment Deadline. The Total Consideration includes a Consent Payment of £30.00 per £1,000 principal amount of Notes, payable irrespective of the Required Consents being obtained.
- The amount to be paid for each £1,000 principal amount of Notes validly tendered after the Consent Payment Deadline but at or prior to the Expiration Deadline. The Tender Offer Consideration does not include the Consent Payment of £30.00 per £1,000 principal amount of Notes.
If the Company launches the Tender Offer and following the consummation of the Tender Offer, the Company currently intends to redeem any Notes that remain outstanding on or after
This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents. The Tender Offer and the Consent Solicitation will be made solely by the Issuer pursuant to an offer to purchase and consent solicitation statement.
Important Notice Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. Statements that are not historical facts, including statements about our perspectives and expectations, are forward looking statements. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions, when related to
About Moy Park
Moy Park is one of the top-fifteen food companies in the
|Director, Investor Relations
Pilgrim's Pride Corporation
|(970) 506 8192|
Source: Pilgrim's Pride Corporation