Smithfield announces cash tender offer
Jan. 13, 2011
by Meat&Poultry Staff
SMITHFIELD, Va. – Smithfield Foods Inc. has started an offer to purchase for cash the maximum aggregate principal amount of its 7.75% senior unsecured notes due 2013 and 10% senior secured notes due 2014 that it can purchase for $350 million at a determined purchase price.
In the tender offer, the purchase price will be determined in accordance with a modified "Dutch Auction" procedure on the terms and conditions set forth in the offer to purchase, dated Jan. 12, to be distributed to holders of notes.
Smithfield Foods expects to purchase notes in the tender offer using cash on hand. The tender offer is scheduled to expire at midnight, EST, Feb 9.