Smithfield Foods may tap credit facilities to fund tender offer

By Angela McDaniels

Tacoma, Wash., July 18 - Smithfield Foods, Inc. may use borrowings under its credit facilities to fund a tender offer, according to a company news release.

The company is offering to repurchase any and all of its $159,997,000 of outstanding 7¾% senior notes due 2013 and its $589,352,000 of outstanding 10% senior secured notes due 2014. The offer will end at midnight ET on Aug. 14.

The tender offer is expected to be funded with the proceeds of a new issue of senior notes. The company said it will use available cash and borrowings under its credit facilities if necessary.

Smithfield Foods is a pork processor and hog producer. The company is based in Smithfield, Va.

© 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.