Norfolk, VA - Smithfield Foods, Inc. announced that it had closed its private offering of $200,000,000 aggregate principal amount of 7-5/8% Senior Subordinated Notes due 2008.
Substantially all of the net proceeds from the sale of the Notes will be used initially to repay indebtedness under the Company's revolving credit facilities, with the balance to be invested temporarily in short-term marketable debt securities. Thereafter, the Company expects to use availability under such facilities, together with internal funds, for additional capital expenditures and general corporate purposes, including expansion of the Company's processed meats business, strategic acquisitions, further vertical integration and joint ventures.
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