Smithfield Foods will have a public offering of $200,000,000 aggregate principal amount of its senior unsecured notes due 2011. The offered notes will bear interest at a fixed rate, based on market rates at the time of sale.

If the offering is completed, the company plans to apply the net proceeds initially to repay indebtedness under its U.S. revolving credit agreement. Afterward, Smithfield expects to use the remaining funds for capital expenditures and general corporate purposes, including expansion of its processed meats business and strategic acquisitions.

Smithfield intends to offer the notes by relying on an exemption from registration for offers and sales of securities that do not involve a public offering. The offering and sale of the notes have not been registered under the Securities Act of 1933, as amended, and the notes may not be offered again or resold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy the notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
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