On October 12, 2023, Pilgrim?s Pride Corporation issued $500.0 million aggregate principal amount of its 6.875% senior notes due 2034 (Notes). The Notes were issued pursuant to an indenture, dated April 19, 2023 (the ?Base Indenture?), as supplemented by a second supplemental indenture, dated October 12, 2023 (the ?Second Supplemental Indenture? and, together with the Base Indenture, the ?Indenture?), between the Company and Regions Bank, as trustee.

The Notes have been registered under the Securities Act of 1933, as amended (the ?Act?), pursuant to a registration statement on Form S-3ASR (No. 333-270754) previously filed with the Securities and Exchange Commission. The Company used the net proceeds from the offering of the Notes, together with cash on hand, to repurchase pursuant to a tender offer and redeem all of its outstanding 5.875% Senior Notes due 2027.

The Notes are the Company?s senior unsecured obligations and will rank equally with all of the Company?s existing and future senior unsecured debt and rank senior to all of the Company?s existing and future subordinated debt. The Notes will be effectively junior to the Company?s existing and future secured debt to the extent of the value of the collateral securing such debt. The Notes are not guaranteed by the Company's subsidiaries will be structurally subordinated to all existing and future liabilities (including trade payables) of the Company?s subsidiaries.