Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of poultry producer Pilgrim's Pride
So what: The company is selling $500 million of notes at 7.875% interest for 99.3% of face value. The proceeds will be used to pay down bank debt and was increased from the $350 million offering initially announced.
Now what: The market has reacted positively to the increased offering, and the 2018 maturity gives the company some long-term financial certainty. The poultry business has had a rough year, and the market is clinging to any bit of good news it can find. I would like to see some continued financial improvement before jumping in, but this is a step in the right direction for Pilgrim's Pride.
Interested in more info on Pilgrim's Pride? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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