Pilgrim's Pride Corporation (NASDAQ: PPC) announced a cash tender offer for up to $250 million of its 6.250% Senior Notes due 2033. The poultry producer has $922.5 million in principal amount of these notes outstanding.

The tender offer will expire at 5:00 p.m. Eastern Time on April 27, 2026. Noteholders who tender their securities by the early tender date of April 10, 2026, will receive additional compensation of $50 per $1,000 principal amount, plus accrued interest.

The company will determine the total consideration using a fixed spread of 95 basis points over the 4.125% U.S. Treasury security due February 15, 2036. The pricing will be set based on Treasury yields at 10:00 a.m. Eastern Time on April 13, 2026.

Notes tendered after the early tender date but before expiration will only be eligible for purchase if the aggregate amount tendered by the early date is less than the $250 million maximum. These late tenders will receive the total consideration minus the $50 early tender payment.

Pilgrim's Pride plans to fund the purchase with cash on hand. The company reserves the right to increase or decrease the maximum tender amount and to terminate the offer at any time. BMO Capital Markets Corp. serves as dealer manager, while D.F. King & Co., Inc. acts as tender and information agent.

The offer is not contingent on any minimum amount of notes being tendered but is subject to certain conditions outlined in the offer documents. Settlement is expected within three business days after the applicable tender deadline.