Smithfield Foods Prices $300M Stock Offering
Stock quotes in this article:
SFD
SMITHFIELD, Va. (AP) — Pork processor and hog producer Smithfield Foods Inc. on Thursday priced its public offering of nearly 21.7 million shares at $13.95 per share for gross proceeds of about $300 million.
Underwriters have a 30-day option to buy up to an additional 3.2 million shares to cover overallotments. The company plans to use net proceeds for working capital and general corporate purposes, which may include paying off debt. The price is a 2 percent discount to the stock's closing price of $14.18. In premarket trading, shares fell 24 cents to $13.94.- Loading Comments...
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