v3.26.1
DEBT
 6 Months Ended
Jun. 28, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the following components:
MaturityJune 28, 2026December 28, 2025
 (In thousands)
Senior notes payable, net of discount, at 6.875%
2034$492,712 $492,251 
Senior notes payable, net of discount, at 6.25%
2033669,343 917,852 
Senior notes payable at 3.50%
2032899,600 899,600 
Senior notes payable, net of discount, at 4.25%
2031792,343 791,946 
U.S. Credit Facility (defined below) at SOFR plus 1.35%
2028— — 
Europe Credit Facility (defined below) with notes payable at SONIA plus 1.00%
2031— — 
Mexico BBVA Credit Facility (defined below) with notes payable at TIIE plus 1.35%
202810,564 — 
Mexico Bajio Credit Facility (defined below) with notes payable at TIIE plus 1.41%
2030— — 
Live Oak CHP Project PACE Loan 5.15%
205320,276 19,163 
Finance lease obligationsVarious1,101 1,389 
Long-term debt2,885,939 3,122,201 
Less: Current maturities of long-term debt(913)(924)
Long-term debt, less current maturities2,885,026 3,121,277 
Less: Capitalized financing costs(23,667)(28,164)
Long-term debt, less current maturities, net of capitalized financing costs$2,861,359 $3,093,113 
The future minimum principal payments due in each of the next five fiscal years as of June 28, 2026, related to the Live Oak CHP Project PACE Loan, are $0.1 million.
Tender Offer
On March 30, 2026, the Company commenced a tender offer pursuant to which it offered to acquire up to $250.0 million aggregate principal amount of its 6.25% Senior Notes due 2033. On April 14, 2026, the early settlement date, the Company exercised the purchase of $250.0 million aggregate principal amount at a price of $1,056.90 per $1,000.00 principal amount and a total cost of $264.2 million.
Credit Facilities
The following table presents the key terms of our available credit facilities:
FacilityLimitMaturityRate BasisAvailability (USD)
U.S. Credit Facility(a)
USD850.0 million2028
SOFR + 1.35%
$846.2 million
Europe Credit FacilityGBP150.0 million2031
SONIA + 1.00%
198.0 million
Mexico BBVA Credit FacilityMXN1.3 billion2028
TIIE +1.35%
62.3 million
Mexico Bajio Credit FacilityMXN1.5 billion2030
TIIE +1.41%
85.7 million
$1,192.2 million
(a)    Availability under the U.S. Credit Facility may be reduced by outstanding letters of credit.
Europe Credit Facilities
On June 26, 2026, Pilgrim's Europe entered into a new £150.0 million multicurrency revolving credit facility that matures in June 2031. Concurrently, Pilgrim's Europe terminated its previously existing revolving credit facility dated June 24, 2022. The new facility may be used for general corporate purposes, working capital requirements and permitted acquisitions. Borrowings bear interest at applicable reference rates plus a leverage-based margin. In the table above, the amount reported for the Europe Credit Facility as of December 28, 2025 represents amounts borrowed under the terminated facility.