USA: Smithfield announces proposed debt offering
Smithfield Foods, Inc. (NYSE: SFD) has announced that it plans a private offering of $200,000,000 aggregate principal amount of its senior unsecured notes due 2009. The offered notes will bear interest at a fixed rate, based on market rates at the time of sale. If the offering is completed, the Company plans to apply the proceeds initially to repay indebtedness under its U.S. revolving credit agreement. Thereafter, the Company expects to use availability under this facility and others, together with internal funds, for capital expenditures and general corporate purposes, including expansion of its processed meats business and strategic acquisitions.
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