Source:  Tom Johnston, MEATINGPLACE.COM, 6/29/09

Smithfield Foods Inc. on Friday announced the pricing of its previously announced offering of senior secured notes and upped the amount to $625 million from $500 million.

The Smithfield, Va.-based pork giant said the notes, due July 14, will have an interest rate of 10 percent per year and be issued at a price equal to 96.201 percent of their face value.

The company said it plans to use the proceeds to repay borrowings and terminate commitments under its existing U.S. revolving credit facility, repay and/or refinance other debt and address other general corporate needs.

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