Smithfield Foods, Inc. (SFD) said Monday that it has commenced an underwritten registered public offering of $250 million of shares of its common stock.
The company also said it plans to grant the underwriters a 30-day option to purchase up to an additional 15% of the offered amount of common stock to cover over-allotments, if any.
Smithfield said it 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.
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