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Smithfield to refinance to reduce interest expenses
Story Date: 7/19/2012
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Source: Rita Jane Gabbett, MEATINGPLACE, 7/18/12
Smithfield Foods announced it is initiating an underwritten public offering, subject to market and other conditions, of $650 million aggregate principal amount of senior notes due 2022 in a registered underwritten public offering.
The company intends to use the net proceeds of this offering, together with available cash and borrowings under its accounts receivable securitization facility, to finance a tender offer to repurchase any and all of its outstanding 10 percent Senior Secured Notes due 2014 and 7.75 percent Senior Notes due 2013.
This refinancing will reduce interest expense, the company said in a statement.
Barclays Capital Inc. and Goldman, Sachs & Co. are serving as joint book-running managers for the offering.
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