Smithfield enters new $2.1B revolving credit facility maturing 2030

SMITHFIELD FOODS INC

New $2.1B senior unsecured revolving credit facility refinances prior credit agreement; matures Feb 12, 2030 with two one-year extension options.
Pricing grid based on S&P/Moody's/Fitch ratings; spreads range from 0.875% (SOFR) at A-/A3 to 1.500% at BB+/Ba1.
Includes $250M foreign currency subfacility and $200M letter of credit subfacility.
Financial covenants: max debt to capitalization 50% (55% after material acquisitions), min interest coverage ratio 3.50x.
Subsidiary guarantees on existing senior unsecured notes automatically released upon termination of prior facility.

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