Senior secured notes offering initiated by Smithfield

by Bryan Salvage
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SMITHFIELD, VA. — Smithfield Foods Inc. is initiating an offering, subject to market and other conditions, of $225 million of 10% senior secured notes due in 2014. The notes will have identical terms and conditions, other than issue date and issue price, as the $625 million of 10% senior secured notes due in 2014 issued by the company on July 2.

Proceeds from the notes offering, together with other available cash, will be used to repay other outstanding indebtedness, the company relayed.

The notes will be offered and sold to qualified institutional buyers in the U.S. pursuant to Rule 144A and outside the U.S. pursuant to Regulation S under the Securities Act of 1933. The notes will be guaranteed by substantially all of the U.S. subsidiaries of the company.

The notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.

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