OAKWOOD, Ga. – Unfavorable market conditions led Wayne Farms to postpone the launch of the company’s initial public offering, according to news reports.
Wayne Farms, a unit of Continental Grain Co., planned to raise $233.8 million. The company planned to use approximately $161.9 million toward repayment of existing debt. Another $25 million was earmarked for working capital and general corporate purposes. The remaining $38.7 million was planned as a distribution to Continental Grain.
Wayne Farms is the sixth-largest integrated producer and processor of broiler chicken products in the United States.