Pierre Foods, Inc. Announces Completion of Amendment to its Credit Facility

15/10/07 Pierre Foods, Inc. announced that it has successfully entered into an amendment to its senior credit facility and that it expects to release its financial results for the second quarter and year-to-date period ended September 1, 2007 on October 13, 2007 and to hold a conference call with the investment community on October 15, 2007 at 9:00 a.m. ET.

The amendment provides for, among other things, the waiver of the Company's noncompliance with the consolidated leverage ratio financial covenant for the second quarter ended September 1, 2007 and additional operating flexibility under the financial covenants, which include a consolidated leverage ratio and a fixed charge ratio. In exchange for the amendment, Pierre agreed to, among other things, a premium of 1.0% on any prepayments of the term loans under the credit facility that are made during the one-year period following the date of the amendment (other than optional prepayments made with excess cash flow) and certain restrictions, based upon the Company's consolidated leverage ratio, on acquisitions and capital expenditures for the construction of new facilities. In addition, the interest rates on the term loans under the credit facility are increased by 1.75% at the Company's current ratings. The interest rates will decrease by .25% if the Company's corporate family rating and corporate rating is greater than or equal to B2 and B from Moody's and S&P, respectively. The interest rates for the revolving credit portion of the facility are increased by 1.25%. Pierre agreed to pay each lender that approved the amendment a fee equal to 0.25 percent of that lender's commitment under the senior credit facility.

Pierre will hold a quarterly conference call to discuss its results for the second quarter and fiscal year-to-date period ended September 1, 2007 on Monday, October 15, 2007 at 9:00 a.m. ET. This conference call will be available via webcast on the Company's website at http://www.pierrefoods.com or by direct dial at (888) 220-8440. It will be recorded and available for playback beginning at 12:00 p.m. ET on Monday, October 15, 2007 through midnight on Friday, October 19, 2007 by dialing (888) 203-1112 or (719) 457-0820. The replay passcode is 3342271. An archived version will be available on the Company's website in the Investor Relations section.