SMITHFIELD, Va. – Smithfield Foods, Inc. has entered a new revolving credit facility totaling $1.025 billion. Rabobank Nederland, New York Branch is the administrative agent. The new credit facility matures in May 2020.

The new credit facility replaces Smithfield's previous $1.025 billion revolving credit facility and includes an option, subject to certain conditions, to increase available commitments to $1.3 billion in the future.

"Since the merger with WH Group, Smithfield Foods has achieved record profitability and reduced debt by $1 billion,” said C. Larry Pope, president and CEO. “The refinancing of our core working capital facility will further improve our cost of debt while ensuring ample liquidity.”