Published on 5/14/2003 in the Prospect News High Yield Daily.
New Issue: Smithfield Foods upsizes 10-year deal to $350 million, yields 7¾%
By Paul A. Harris
St. Louis, May 14 - Smithfield Foods, Inc. priced an upsized $350 million of senior notes due May 15, 2013 Wednesday at par to yield 7¾%, according to a market source.
The deal was increased from $250 million.
JP Morgan was the bookrunner for the Rule 144A deal. The co-managers were Goldman Sachs & CO., SunTrust Robinson Humphrey, Rabobank, ING Barrings, BMO Nesbitt Burns and BNP Paribas.
Proceeds will be used to repay the company's revolver.
The issuer is a Smithfield Va.-based pork producer.
| Issuer: | Smithfield Foods, Inc.
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| Amount: | $350 million (increased from $250 million)
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| Maturity: | May 15, 2013
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| Security description: | Senior notes
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| Bookrunner: | JP Morgan
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| Co-managers: | Goldman Sachs, SunTrust Robinson Humphrey, Rabobank, ING Barrings, BMO Nesbitt Burns, BNP Paribas
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| Coupon: | 7¾%
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| Price: | Par
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| Yield: | 7¾%
|
| Spread: | 423 basis points
|
| Call: | Non-callable
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| Settlement date: | May 21, 2003
|
| Rule 144A Cusip: | 832248AG3
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