Smithfield Foods Inc. (SFD) announced that it has priced its underwritten registered public offering of 21.66 million shares of its common stock at $13.85 per share.
The Company has also granted the underwriters a 30-day option to purchase up to an additional 3.25 million shares of common stock to cover over-allotments, if any.
The company said that it intends 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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