Smithfield announces pricing of common stock offering

by Bryan Salvage
Share This:

SMITHFIELD, VA. — Smithfield Foods Inc. has priced its previously announced underwritten registered public offering of 21,660,649 shares of its common stock at $13.85 per share.

The company, in connection with the offering, has also given the underwriters a 30-day option to buy up to an additional 3,249,097 shares of common stock to cover over-allotments, if any. The joint bookrunning managers of the offering are Morgan Stanley, Goldman, Sachs & Co., Barclays Capital and J.P. Morgan.

Net proceeds from the offering will be used for working capital and general corporate purposes, with a goal of continuing to strengthen its balance sheet, which may include the retirement of debt, according to Smithfield.

The offering is being made pursuant to an automatic shelf registration statement filed with the Securities and Exchange Commission on June 14, 2007. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.




Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Meat and Poultry News do not reflect those of Meat and Poultry News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.