Smithfield Foods Announces Pricing of Senior Notes Offering

SMITHFIELD, Va., Sept. 28, 2017 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (the “Company”) today announced the pricing of a senior notes offering. The Company priced $400 million aggregate principal amount of 2.650% senior notes due 2021 (the “Notes”). The Notes offering is expected to close on October 3, 2017, subject to customary closing conditions. The Notes will initially be guaranteed on a senior unsecured basis by each of the Company’s subsidiaries that is a guarantor or borrower under its senior credit facility and, in the future, by each of its domestic subsidiaries that is a borrower under or guarantees obligations under certain material debt facilities or debt securities of the Company or any guarantor of the Notes.

The Company intends to use the net proceeds from the proposed Notes offering to repay outstanding borrowings under its senior credit facility and its securitization facility. Any remaining net proceeds will be used for general corporate purposes.

The Notes and the related subsidiary guarantees are being offered in the United States to qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States in compliance with Regulation S under the Securities Act. The Notes and the related subsidiary guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

Cautionary Statement on Forward-Looking Language

Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, are made throughout this release. The forward-looking information may include statements concerning the Company’s outlook for the future, as well as other statements of beliefs, future plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. The forward-looking information and statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the statements. These risks and uncertainties include availability and prices of livestock, raw materials and supplies, livestock costs, livestock disease, food safety, product pricing, the competitive environment and related market conditions, ability to make and successfully integrate acquisitions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards, adverse results from ongoing litigation and actions of domestic and foreign governments. These forward-looking statements represent the Company’s judgment as of the date of this press release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. There can be no assurance that the proposed transaction will be completed as anticipated or at all.

About Smithfield Foods
Smithfield Foods is a $15 billion global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories with popular brands including Smithfield, Eckrich, Nathan's Famous, Farmland, Armour, John Morrell, Cook's, Kretschmar, Gwaltney, Curly's, Margherita, Carando, Healthy Ones, Krakus, Morliny and Berlinki. Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental and food safety and quality programs. For more information, visit


Keira Lombardo
Smithfield Foods, Inc.
(757) 365-3050

Source:Smithfield Foods