Smithfield Foods $1 billion revolver talked at Libor plus 87.5 bps

By Sara Rosenberg

New York, July 12 - Smithfield Foods Inc.'s $1 billion secured revolving credit facility will be launched at Wednesday's bank meeting with opening price talk of Libor plus 87.5 basis points, according to a market source.

The facility will have a 17.5 basis point undrawn fee, the source added.

JPMorgan and Citigroup are the lead banks on the deal, with JPMorgan the left lead.

The new revolver will be used to refinance the company's existing facility.

Smithfield Foods is a Smithfield, Va., processor and marketer of fresh pork and processed meats and a hog producer.

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