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, keiralombardo@smithfieldfoods.com.
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