Under the terms of the tender offer, the total consideration of $1,043.93 per $1,000 principal amount of the 2011 notes, which includes the early tender payment of $30.00 per $1,000 principal amount of the 2011 notes, will be paid for all 2011 notes tendered into the tender offer at or prior to the expiration date (midnight, New York City time, on Dec. 1, unless extended) and accepted for purchase by Smithfield Foods pursuant to the terms and conditions of the tender offer.
Smithfield Foods also announced as of the early tender date, approximately $310.8 million aggregate principal amount of the 2011 notes, representing approximately 78.46% of the 2011 notes outstanding, were validly tendered in the tender offer and not validly withdrawn.
Smithfield Foods has accepted for purchase approximately $263.8 million aggregate principal amount of the 2011 notes tendered at or prior to the early tender date.
Following the expiration date of the tender offer, Smithfield will accept for purchase a minimum of 85.06% of any 2011 notes tendered after the early tender date but at or prior to the expiration date. Any remaining 2011 motes tendered but not purchased will be accepted promptly following the expiration date, subject to the tender gap and certain proration procedures.
Smithfield Foods is making the tender offer only by, and pursuant to the terms of, the offer to purchase and the related letter of transmittal, as amended.