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PILGRIM'S PRIDE FILES REGISTRATION STATEMENT

 PITTSBURG, Texas, March 16 /PRNewswire/ -- Pilgrim's Pride Corporation (NYSE: CHX) announced today that it has filed a registration statement with the Securities and Exchange Commission (SEC) with respect to the proposed public offering of $100 million of senior subordinated notes due 2003.
 The offering is part of a refinancing plan designed to consolidate indebtedness, extend the average maturity of Pilgrim's Pride's outstanding indebtedness and improve Pilgrim's Pride's operating and financial flexibility. The other principal elements of the proposed refinancing plan which are under negotiation are a new $75 million revolving credit facility and a new $28 million term loan agreement. Proceeds from the refinancing plan will be applied to the redemption or acquisition of all of Pilgrim's Pride's outstanding 14-1/4 percent senior notes due 1995; the repayment of all amounts under its existing revolving loan agreements; and the repayment of all amounts under two existing term loan agreements. The offering of the senior subordinated notes will be underwritten by Donaldson, Lufkin & Jenrette Securities Corporation.
 Pilgrim's Pride is the fifth largest producer of poultry products and the 22nd 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 10,200 persons internationally and operates processing plants, distribution centers, hatcheries and feed mills in Texas, Arkansas, Arizona, Oklahoma and Mexico.
 A registration statement relating to the senior subordinated notes has been filed with the Securities and Exchange Commission but has not yet become effective. The senior subordinated notes may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the senior subordinated notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 3/16/93
 /CONTACT: Cliff Butler of Pilgrim's Pride Corporation, 903-856-7901/
 (CHX)


CO: Pilgrim's Pride Corporation ST: Texas IN: FOD SU: OFR

WB -- NY083 -- 6779 03/16/93 17:31 EST
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Publication:PR Newswire
Date:Mar 16, 1993
Words:363
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