Smithfield announces pricing of common stock offering

Smithfield Foods Inc. has priced its previously announced underwritten registered public offering of 21.66 million shares of its common stock at US$13.85 per share.

The company, in connection with the offering, has also given the underwriters a 30-day option to buy up to an additional 3.249 million shares of common stock to cover over-allotments.

The joint book-running managers of the offering are Morgan Stanley, Goldman, Sachs & Co., Barclays Capital and JP Morgan.

Net proceeds from the offering will be used for working capital and general corporate purposes, with a goal of continuing to strengthen its balance sheet, which may include the retirement of debt, according to Smithfield.