Smithfield Foods Inc. announced Friday that it will issue an additional $225 million in senior secured notes. The new offering is identical, other than issue date and issue price, to the $625 million in notes it issued in early July. 

The new notes carry a 10 percent interest rate, and are due 2014.

The company expects to use the proceeds from this latest offering to pay other outstanding debt, Smithfield said in a news release.

The notes will be offered to qualified institutional buyers in the United States.

Smithfield Foods is the world's largest pork processor and hog producer, with revenues of nearly $12.5 billion in fiscal 2009, ended May 3.

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