Pilgrim’s Pride announced that as of 5:00 p.m. on April 10, $471.546 million aggregate principal amount of its 6.250% senior notes due 2033 had been validly tendered and not withdrawn, surpassing the $250 million maximum tender amount. Withdrawal rights expired on the early tender date, locking in the record amount of valid tenders.

Since valid tenders exceed the $250 million cap, the company will accept notes on a prorated basis, applying a proration factor to allocate the $250 million purchase across all valid tenders. The exact proration factor and total consideration per $1,000 principal amount will be determined using the fixed spread plus the yield on the U.S. Treasury Reference Security at 10:00 a.m. on April 13.

Pilgrim’s Pride expects to settle accepted notes and pay holders on April 14, including accrued and unpaid interest through that date. Acceptance of tenders and payment obligations remain subject to the terms and conditions of the offer, and unaccepted notes will be promptly returned to holders.