Smithfield Foods, Inc. (SFD) announced that it has completed its underwritten registered public offering of 21,660,649 shares of its common stock at $13.85 per share. In connection with the offering, the Company cas also granted the underwriters a 30-day option to purchase up to an additional 3,249,097 shares of common stock to cover over-allotments, if any.
The company plans 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.
Morgan Stanley, Goldman, Sachs & Co., Barclays Capital, and J.P. Morgan are the joint bookrunning managers of the offering.
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