Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item |
Smithfield repurchases $318.4 million of 7% notes in tender offer
By Susanna Moon
Chicago, Dec. 2 - Smithfield Foods, Inc. said it completed the cash tender offer to purchase up to $337 million principal amount of its $396,174,000 of outstanding 7% senior notes due 2011.
The company said it accepted for purchase about $54.6 million principal amount of the remaining notes tendered but not previously purchased in the offer.
Smithfield Foods previously purchased about $263.8 million principal amount of the notes tendered by 5 p.m. ET on Nov. 16, the early tender date.
As of midnight ET on Dec. 1, investors had tendered $318.4 million principal amount, or 80.38%, of the notes.
On Nov. 17, the company said it amended the terms of the offer and that it would pay $1,043.93 per $1,000 principal amount of notes, including the early tender payment of $30.00, for all notes tendered in the offer by midnight ET on Dec. 1, the expiration date.
Originally, the company said it would pay the total amount only to holders who tendered their notes at or before the early tender date.
As of the early tender date, investors had tendered about $310.8 million, or 78.46%, of the outstanding notes.
Goldman Sachs & Co. (800 828-3182 or 212 902-5128) was the dealer manager for the offer, and Global Bondholder Services Corp. (866 807-2200) was the depositary and information agent.
Smithfield Foods is a Smithfield, Va.-based pork processor and hog producer.
© 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.