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PILGRIM'S PRIDE SUCCESSFULLY COMPLETES REFINANCING PLAN

 PITTSBURG, Texas, June 3 /PRNewswire/ -- Pilgrim's Pride Corporation (NYSE: CHX) announced that it has completed the sale of $100 million of its 10-7/8 percent Senior Subordinated Notes due 2003. The sale of the notes is part of a refinancing plan which consolidates indebtedness, extends the average maturity of Pilgrim's Pride's outstanding indebtedness and improves Pilgrim's Pride's operating and financial flexibility. Other principal elements of the refinancing plan which were consummated simultaneously with the sale of the Notes were a new $75 million bank revolving credit facility and borrowings of $28 million pursuant to a new term loan. According to Cliff Butler, chief financial officer, "The proceeds from these financing have been applied to the redemption or acquisition of all of the Pilgrim's Pride's outstanding 14-1/4 percent Senior Notes due 1995 and the repayment of debt.
 Pilgrim's Pride is the fifth largest producer of poultry products and the 22nd largest egg producer in the United States, producing more than 1.2 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- 6/3/93
 /CONTACT: Cliff Butler, chief financial officer of Pilgrim's Pride Corporation, 903-856-7901/
 (CHX)


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

SH -- NY099 -- 5144 06/03/93 16:00 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
Words:274
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