Smithfield signs $600M delayed-draw term loan to redeem 4.250% senior notes due 2027

SMITHFIELD FOODS INC

$600M senior unsecured delayed draw term loan dated October 14, 2026; single drawing available until December 23, 2026, maturing three years from funding.
Proceeds will fund redemption on or after November 1, 2026 of all outstanding 4.250% Senior Notes due 2027 at 100.000% of principal plus accrued interest.
Interest at Term SOFR plus 0.875%-1.375%, or base rate plus 0.000%-0.375%, set by S&P/Moody's/Fitch ratings, with Pricing Level 5 applying absent ratings.
Covenants: maximum debt-to-capitalization of 50.0%, raised to 55.0% for the quarter of a Material Acquisition plus three following quarters, and interest coverage of at least 3.50 to 1.00.
Bank of America, N.A. is administrative agent; BofA Securities and AgFirst Farm Credit Bank are joint lead arrangers and bookrunners; no subsidiary guarantors exist as of signing.

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