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Smithfield Foods Refinances $1.025B Credit Line With Rabobank

April 06, 2015, 07:39 AM

Smithfield Foods, Inc., a wholly owned subsidiary of WH Group Limited, entered into a new revolving credit facility totaling $1.025 billion with Rabobank Nederland, New York Branch, as administrative agent. The new credit facility replaces the company's previous $1.025 billion revolving credit facility and includes an option, subject to certain conditions, to increase available commitments to $1.3 billion in the future. The new credit facility matures in May 2020.

"Since the merger with WH Group, Smithfield Foods has achieved record profitability and reduced debt by $1 billion. The refinancing of our core working capital facility will further improve our cost of debt while ensuring ample liquidity," said C. Larry Pope, president and chief executive officer.

"We wish to thank Rabobank and all our bank lenders for, once again, providing us their overwhelming support," he added.

Smithfield Foods is a $15 billion global food company and the world's largest pork processor and hog producer.

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