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Shuanghui subsidiary upsizes notes offering, announces pricing
Story Date: 7/22/2013
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Source: Dani Friedland, MEATINGPLACE, 7/22/13
Sun Merger Sub, Inc., a Virginia-based corporation that is an indirect wholly-owned subsidiary of Shuanghui International Holdings Limited, announced pricing for its upsized senior notes offering on Friday.
The offering is part of the financing for Shuanghui's proposed acquisition of Smithfield Foods, Inc.
Shuanghui expects to close the offering July 31, 2013, subject to customary closing conditions, with the proceeds going into an escrow account. When the funds are released from escrow, the net proceeds will partially fund the acquisition with Sun Merger Sub merging into Smithfield. Smithfield will continue as the surviving corporation as an indirect wholly-owned subsidiary of Shuanghui, assuming Sun Merger Sub's obligations.
The company will issue the notes in one series of 5.250-percent senior notes due 2018 in an aggregate principal amount of $500,000,000 and one series of 5.875-percent senior notes due 2021 in an aggregate principal amount of $400,000,000.
The notes will be offered and sold to qualified institutional buyers in the U.S. pursuant to Rule 144A and outside the U.S. pursuant to Regulation S under the Securities Act of 1933, as amended, the companies announced. The notes will not be registered under the Securities Act and may not be offered or sold in the U.S. absent registration or an applicable exemption from such registration requirements.
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