Smithfield Foods, the US meat group, has initiated an offering of US$225m of 10% senior secured notes due 2014.
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The notes will have identical terms and conditions, other than issue date and issue price, as the $625m of 10% senior secured notes due 2014 issued by the company on 2 July.
The company intends to use the proceeds from the notes offering, together with other available cash, to repay other outstanding debts.
The notes will be offered and sold to qualified institutional buyers at home and abroad.
Last month, Smithfield entered into a US$1bn asset-based revolving credit facility with JPMorgan Chase Bank.
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