Rabobank Agents Smithfield $1.025B Credit Line
Smithfield Foods entered into a new revolving credit facility totaling $1.025 billion with Rabobank Nederland, New York Branch, as administrative agent. The new 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 CEO. “We wish to thank Rabobank and all our bank lenders for, once again, providing us their overwhelming support.”
Smithfield Foods is a $15 billion global food company.