Moody's: Smithfield unchanged

Moody's Investors Service said last week's $100 million increase to Sun Merger Sub, Inc.'s note offering to $900 million from $800 million does not affect the ratings of Sun Merger or Smithfield Foods, Inc.

Proceeds from the offering will partially fund the pending $7.1 billion leveraged acquisition of Smithfield by Shuanghui International Holdings Ltd., the parent of Sun Merger (B1).

The notes will become direct obligations of Smithfield (Ba3/under review for downgrade) through the merger. Shuanghui will not guarantee any new or existing debt at Smithfield.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.