v3.26.3
DEBT
 9 Months Ended
Sep. 27, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt and other borrowing arrangements, including current notes payable to banks, consisted of the
following components:
MaturitySeptember 27, 2026December 28, 2025
(In thousands)
Euro Senior notes payable, net of discount, at 4.75%
2034$568,788 $— 
Senior notes payable, net of discount, at 6.875%
2034492,942 492,251 
Senior notes payable, net of discount, at 6.25%
2033669,456 917,852 
Senior notes payable, net of discount, at 3.50%
2032889,592 899,600 
Senior notes payable, net of discount, at 4.25%
2031792,541 791,946 
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%
2028— — 
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 obligationsVarious959 1,389 
Long-term debt3,434,555 3,122,201 
Less: Current maturities of long-term debt(911)(924)
Long-term debt, less current maturities3,433,644 3,121,277 
Less: Capitalized financing costs(28,938)(28,164)
Long-term debt, less current maturities, net of capitalized financing costs$3,404,706 $3,093,113 
The future minimum principal payments due in each of the next five fiscal years as of September 27, 2026, related to the Live Oak CHP Project PACE Loan, are $0.3 million.
Debt Repurchases and Extinguishments
In the nine months ended September 27, 2026, the Company repurchased $250.0 million of outstanding principal of the Senior Notes due 2033 through a tender offer and $10.0 million of outstanding principal of the Senior Notes due 2032 through open market repurchases, resulting in $12.9 million gross realized losses recognized. The gross realized losses on early extinguishment of debt are recognized in interest expense. The original discount and capitalized financing costs associated with the amounts repurchased are immaterial and are combined with the gross losses on early extinguishment of debt, along with a nominal amount of transaction fees.
4.75% Euro Senior Notes due 2034
On September 23, 2026, the Company completed a sale of €500.0 million aggregate principal amount of its 4.75% unsecured, unregistered senior notes due 2034. The proceeds of which will be used for general corporate purposes, including to fund the consideration in connection with the acquisition of Walkers and to pay related costs and expenses. The issuance price of this offering was 99.866%, which created gross proceeds of €499.3 million before transaction costs. The €0.7 million discount will be amortized over the remaining life of the notes. The notes bear interest at a rate of 4.75% per annum from the date of issuance until maturity, payable annually in January, commencing January 23, 2027. The outstanding principal amount of the euro-denominated notes, translated into U.S. dollars using period-end exchange rates, are reflected in the table above.
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%
198.7 million
Mexico BBVA Credit FacilityMXN1.3 billion2028
TIIE +1.35%
72.1 million
Mexico Bajio Credit FacilityMXN1.5 billion2030
TIIE +1.41%
84.8 million
$1,201.8 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 £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.