Pilgrim's Pride Corporation Discharge of Indenture and Obligation
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
report (Date of earliest event reported): September 21, 2007
PILGRIM'S
PRIDE CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
Delaware 1-9273 75-1285071
(State
or
Other Jurisdiction (Commission (IRS
Employer
of
Incorporation) File
Number)
Identification
No.)
4845
US Hwy. 271 N.
Pittsburg,
Texas 75686-0093
(Address
of Principal Executive Offices) (ZIP
Code)
Registrant's
telephone number, including area code: (903)
434-1000
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
q Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
q Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
q
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
q Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.02. Termination
of a Material Definitive Agreement; Item 2.03. Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet
Arrangement.
On
September 21, 2007, Pilgrim's Pride Corporation (the "Company") redeemed all
of
its 9
5/8%
Senior Notes due 2011 (the "Notes") in accordance with the terms of the
Indenture,
dated
as of August 9, 2001, as supplemented by the First Supplemental Indenture dated
as of August 9, 2001, each between the Company and The Bank of New York, as
trustee (the "Indenture"). The aggregate redemption price was 103.208% of the
principal amount of the Notes plus accrued and unpaid interest to the date
of
redemption, which amounted to approximately $307.5
million. In
connection with the redemption of the Notes, the Indenture was satisfied and
discharged. To fund a portion of the aggregate redemption price of the Notes,
the Company sold $300 million of trade receivables under its existing
receivables purchase agreement with Fairway Finance Company, LLC and BMO Capital
Markets Corp. Under the receivables purchase agreement, the Company can sell
on
a revolving basis up to $300.0 million of certain trade receivables to a special
purpose corporation wholly-owned by the Company, which in turn sells a
percentage ownership interest to third parties.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
PILGRIM'S
PRIDE
CORPORATION
Date:
September 27, 2007 By:
/s/
Richard A. Cogdill
Richard
A.
Cogdill
Chief
Financial Officer, Secretary and
Treasurer