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PILGRIM'S PRIDE CLOSES SALE OF 5,000,000 SHARES OF COMMON STOCK TO ADM

PILGRIM'S PRIDE CLOSES SALE OF 5,000,000 SHARES OF COMMON STOCK TO ADM
 PITTSBURG, Texas, June 26 /PRNewswire/ -- Pilgrim's Pride Corporation (NYSE: CHX) today announced that it had closed the previously announced sale of 5,000,000 shares of its common stock to Archer-Daniels-Midland Company (NYSE: ADM) at a purchase price of $6.00 per share.
 Archer-Daniels-Midland Company has annual sales of more than $8 billion and is a processor and merchandiser of agricultural products. The common stock purchased by ADM represents approximately 18 percent of Pilgrim's Pride's common stock outstanding after the sale to ADM. Proceeds from the sale were applied to reduce indebtedness under Pilgrim's Pride's lines of credit.
 Pilgrim's Pride also announced that it had entered into an extension and amendment of its various line of credit agreements with its primary lending banks. The amendment agreement extends the maturity of all of Pilgrim's Pride's lines of credit, which previously expired at various times prior to July 1, 1992, to a maturity date of May 1, 1993, for all lines.
 Pilgrim's Pride Corporation is the fifth largest producer of poultry products and the 21st largest egg producer in the United States, producing more than 1.1 billion pounds of dressed poultry and 41 million dozen table eggs annually. Pilgrim's Pride employs more than 10,500 persons internationally and operates processing plants, distribution centers, hatcheries and feed mills in Texas, Arkansas, Arizona, Oklahoma and Mexico.
 Products are sold under the "Pilgrim's Pride" label to supermarkets, wholesale clubs, and food service customers. The company's primary domestic distribution is through retailers and restaurants in Central, Southwestern and Western United States and through the food service industry nationally.
 -0- 6/26/92
 /CONTACT: Clifford E. Butler, chief financial officer of Pilgrim's Pride, 903-856-7901/
 (CHX ADM) CO: Pilgrim's Pride Corporation; Archer-Daniels-Midland Company ST: Texas, Illinois IN: FOD SU:


GK -- NY014 -- 4122 06/26/92 09:57 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
Words:315
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