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Smithfield Offers $250 Million in Shares
US - Smithfield Foods has started an underwritten registered public offering of $250,000,000 of shares of its common stock.In connection with this offering, the company intends to grant the underwriters a 30-day option to purchase up to an additional 15 per cent of the offered amount of common stock to cover over-allotments, if any. Morgan Stanley, Goldman, Sachs & Co., Barclays Capital, and J.P. Morgan are the joint bookrunning managers of the offering.
The company intends to use the net proceeds from the offering for working capital and general corporate purposes, with a goal of continuing to strengthen its balance sheet, which may include the retirement of debt.
The offering is being made pursuant to an automatic shelf registration statement filed with the Securities and Exchange Commission on 14 June 2007. A prospectus supplement relating to the offering has been filed with the Securities and Exchange Commission.
The offering is being made only by means of a prospectus.
ThePigSite News Desk
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