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SMITHFIELD, Va. - Smithfield Foods Inc. on Thursday said it has taken several steps as part of its debt restructuring effort, including securing a new $1 billion credit facility, replacing its previous obligation.
The company, which is the world's largest pork processor and hog producer, said it has entered into the asset-based revolving credit facility with JPMorgan Chase Bank. The new debt replaces its previous U.S. revolving credit facility and it includes an option increase it to $1.3 billion in the future.
The credit is scheduled to mature in 2012.
The company also announced that it has closed its previously announced offering of $625 million of senior secured notes. The company intends to use the proceeds from the offering to repay or refinance debt, as well as for other corporate purposes.
Smithfield also entered into a new $200 million term loan with Dutch Rabobank Nederland that will mature in 2013.
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