Smithfield announces debt tender offer results
Feb. 10, 2011
by Meat&Poultry Staff
SMITHFIELD, Va. – Smithfield Foods Inc. announced the expiration and final results of its previously announced 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 $450.0 million pursuant to a modified "Dutch Auction."
The Tender Offer expired at midnight, EST, Feb. 9. Smithfield Foods accepted $390.9 million aggregate principal amount of Notes for purchase. The aggregate consideration for Notes accepted in the Tender Offer, including accrued interest, was approximately $454.9 million.
Smithfield Foods expects the premium paid in the purchase of Notes, together with any unamortized original debt issuance costs and current Tender Offer fees, in the amount ranging from approximately $71.0 million to $73.0 million will be charged to earnings in its fourth fiscal quarter.