Pilgrim's Pride Corporation announced that it has commenced a cash tender offer for any and all of the outstanding USD 850,000,000 aggregate principal amount of its 5.875% Senior Notes due 2027. In conjunction with the Tender Offer, the Company is also soliciting consents from the holders of the Notes for the adoption of proposed amendments, which would, among other things, (i) eliminate substantially all of the restrictive covenants and certain events of default and related provisions contained in the indenture governing the Notes and (ii) reduce the minimum required notice period for the redemption of Notes from at least 30 days to at least two business days prior to the redemption date (maintaining the maximum notice period of not more than 60 days). The deadline for holders to validly tender Notes and deliver consents and be eligible to receive payment of the Total Consideration (as defined below), which includes the Early Tender Payment (as defined below), will be 5:00 p.m. (New York City time), on October 11, 2023, unless extended or earlier terminated by the Company (such date and time, as the same may be modified, the "Early Tender Payment Deadline").

The Tender Offer will expire at 5:00 p.m. (New York City time), on October 26, 2023, unless extended or earlier terminated by the Company (such date and time, as the same may be modified, the "Expiration Time"). Notes tendered may be withdrawn and consents for the Proposed Amendments delivered may be revoked at any time prior to the execution of the supplemental indenture (the date and time of such execution and delivery, the "Withdrawal Deadline"), but not thereafter, unless required by applicable law.