US: Smithfield Foods completes share offering

By: just-food.com | 23 September 2009

US meat group Smithfield Foods has closed its previously announced public offering of over 21.6m shares of its common stock at US$13.85 per share.

Smithfield has also granted the underwriters a 30-day option to purchase up to a further 3.2m-plus shares of common stock to cover over-allotments.

Smithfield said yesterday (22 September) that it intends to use the net proceeds from the offering for working capital and general corporate purposes, with a goal of continuing to strengthen its balance sheet, which may include the retirement of debt.

Morgan Stanley, Goldman, Sachs & Co., Barclays Capital, and JP Morgan are the joint bookrunning managers of the offering.

Sectors: Meat & poultry

Companies: Smithfield Foods