Swift & Co. to bring $400 million notes to fund acquisition from ConAgra

By Paul A. Harris

St. Louis, Mo., July 8 - Swift & Co. is headed to the high-yield market with a new offering of $400 million notes via Salomon Smith Barney and JP Morgan, sources close to the deal told Prospect News on Monday.

On May 21 ConAgra announced that Dallas venture capital firm Hicks, Muse, Tate & Furst would sponsor the deal in which it will acquire a 54% equity stake in ConAgra's fresh beef and pork operation.

Hicks Muse and George Gillett will be acquiring control of beef and pork operations in Greeley, Colo., and a beef processing company in Brisbane, Australia, according to the May press release.

ConAgra will maintain a 46% stake, the sources said.

Although timing on the deal was not disclosed, the acquisition is set to close in early August.

The new joint venture will be operated under the name Swift & Co. and will be headquartered in Greeley, Colo.

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