Smithfield Foods has priced its previously announced public offering of 21.66m shares at US$13.85 per share.

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The US meat group has also granted the underwriters a 30-day option to purchase up to an additional 3.25m share to cover over-allotments.


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


Smithfield intends to use the 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, the company said.

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