HONG KONG, Sept. 3, 2013 /PRNewswire/ -- Shuanghui International Holdings Limited ("Shuanghui") announced today that is has entered into a facilities agreement with Bank of China Limited, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (also known as Rabobank International), Credit Agricole Corporate and Investment Bank, DBS Bank Ltd., Natixis, The Royal Bank of Scotland plc, Standard Chartered Bank (Hong Kong) Limited and Industrial & Commercial Bank of China (Asia) Limited whereby Shuanghui will obtain approximately $4.0 billion in debt financing to fund its pending acquisition of Smithfield Foods ("Smithfield") (NYSE: SFD).
As previously announced, Shuanghui and Smithfield entered into a definitive merger agreement in
May 2013 whereby Shuanghui would acquire Smithfield pursuant to a merger in which the Smithfield shareholders will receive $34.00 per share in cash for each share of Smithfield common stock that they own.
The consummation of the merger is conditioned on Smithfield shareholder approval, certain regulatory approvals and other customary closing conditions. In addition, the funding of the $4.0B credit facility is also subject to approval of the merger by Smithfield shareholders and certain other customary closing conditions. Smithfield's shareholders are scheduled to vote on the transaction at a special shareholders meeting to be held on Tuesday, September 24, 2013. The transaction is still expected to close in the second half of calendar 2013.
About Shuanghui International Holdings Limited
Shuanghui International Holdings Limited is a Hong Kong-based privately held company that owns a variety of businesses that include food and logistics enterprises. Shuanghui International and its subsidiaries are the majority shareholders of China's largest meat processor, Henan Shuanghui Investment & Development Co. Ltd. which is publicly listed on the Shenzhen Stock Exchange under the ticker symbol 000895. More information about Shuanghui International is available at www.shuanghui-international.com.
About Smithfield Foods
Smithfield Foods is a $13 billion global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories with popular brands including Smithfield®, Eckrich®, Farmland®, Armour®, Cook's®, Gwaltney®, John Morrell®, Kretschmar®, Curly's®, Carando®, Margherita®, and Healthy Ones®. Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental, and food safety and quality programs. For more information, visit www.smithfieldfoods.com and www.smithfieldcommitments.com.
Additional Information and Where to Find It
In connection with the proposed merger transaction, Smithfield filed a definitive proxy statement with the SEC on August 19, 2013. Smithfield shareholders are urged to read the definitive proxy statement and any other relevant documents filed with the SEC because they contain important information about the proposed merger.
Investors may obtain a free copy of the definitive proxy statement and other relevant documents filed by Smithfield with the SEC at the SEC's website at http://www.sec.gov. In addition, investors may obtain a free copy of the definitive proxy statement and Smithfield's other filings with the SEC from Smithfield's website at http://investors.smithfieldfoods.com or by directing a request to: Smithfield Foods, Inc., 200 Commerce Street, Smithfield, Virginia 23430, Attn: Investor Relations, (757) 365-3050, firstname.lastname@example.org.
The directors, executive officers and certain other members of management and employees of Smithfield may be deemed "participants" in the solicitation of proxies from shareholders of Smithfield in favor of the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the shareholders of Smithfield in connection with the proposed merger is set forth in the definitive proxy statement filed with the SEC on August 19, 2013. You can also find information about Smithfield's executive officers and directors in its Annual Report on Form 10-K for the fiscal year ended April 28, 2013.
SOURCE Shuanghui International Holdings Limited