Smithfield's senior notes expire
October 15, 2013
by Bryan Salvage
SMITHFIELD, Va. – Smithfield Foods Inc. announced that its offer to purchase any and all of its outstanding 6.625 percent senior notes due 2022 has expired. The offer was made to fulfill the company's obligations under the indenture governing the notes following the consummation on Sept. 26 of the previously announced acquisition of the company by Shuanghui International Holdings Limited.
This resulted in a "change of control" giving the holders of the notes the right to require the company to purchase all or a portion of such holders' notes at a price of 101 percent of the principal amount thereof, plus any accrued and unpaid interest up to, but not including, the date of purchase.
The offer began on Sept. 16 and expired at 11:59 p.m., New York City time, on Friday, Oct. 11. As of the expiration date, $375,000 in aggregate principal amount of the notes representing 0.04 percent of the then outstanding notes had been delivered for repurchase pursuant to the offer. The company intends to pay for all notes delivered and not validly withdrawn pursuant to the offer on Oct.17.