Finance
Pilgrim’s Pride Sells Record Sustainability-Linked Junk Bond
- Top U.S. chicken producer sells $1 billion in ESG-linked deal
- CEO says bond shows commitment to sustainable food production
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Pilgrim’s Pride Corp., one of the top U.S. chicken producers, sold $1 billion in bonds tied to environmental targets, the largest ever for the genre in the U.S. high-yield market as issuers come under pressure to be better corporate citizens.
The senior unsecured sustainability-linked bonds mature in 10 years, and the proceeds, together with cash on hand, will help refinance the company’s 5.75% bonds due in 2025, according to a statement Thursday. The new debt priced at a yield of 4.375%.