Pilgrim's Pride Corporation Trading over 7% Higher after Loan Amendments - Pilgrims Pride (NASDAQ:PPC)

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Pilgrim's Pride Corporation (NYSE: PPC) announced that it has completed an agreement with its bank group to amend the financial covenants in its credit facility, effective yesterday.The amendment suspends the existing fixed-charge coverage covenant and the senior secured debt covenant until the fourth quarter of fiscal 2012. The amendment also sets certain financial covenant levels at terms more favorable to the company. Following the suspension period, the financial covenants will be calculated under amended terms of the credit facility. In addition, JBS USA Holdings, the majority equity holder in Pilgrim's, has agreed to provide a $50 million subordinated loan in support of the company. Details regarding the amendment are outlined in the company's Form 8-K filed today with the Securities and Exchange Commission.Read more

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