Moy Park tenders for £298.82 million of 6¼% senior notes due 2021

By Wendy Van Sickle

Columbus, Ohio, Feb. 21 – Moy Park (Bondco) plc began a tender offer for its £298,815,000 of outstanding 6¼% senior notes due 2021 on Wednesday after the pricing of $500 million of senior notes due 2025 and 2027 by Pilgrim’s Pride Corp., according to a press release.

Moy Park (Bondco) is a financing subsidiary of Moy Park Holdings (Europe) Ltd. and an indirect subsidiary of Pilgrim’s Pride.

In connection with the tender, the issuer is also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants, as well as various events of default and related provisions, according to a company announcement.

The proposed amendments require consents from holders of a majority of the outstanding notes. Holders who tender their notes will also be providing consents.

The total purchase price will be £1,027.50 for each £1,000 principal amount of notes tendered by the consent deadline of 5 p.m. ET on March 6, which includes a consent payment of £30.00 per £1,000 principal amount.

The tender will end at 11 a.m. ET on March 21.

The company said it also plans to redeem any notes that remain outstanding on May 29 at a price of 101.5625% of par plus accrued interest.

D.F. King Ltd. (+44 020 7920 9700 or moypark@dfkingltd.com) is the information agent for the tender offer and the consent solicitation.

Barclays is the dealer manager and solicitation agent for the tender offer and the consent solicitation.

Moy Park is a Craigavon, U.K.-based provider of poultry and convenience food products.

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