NORWALK, CT-- August 17, 2009 --- GE Capital, Corporate Finance today announced it provided $150 million as part of a $1 billion revolving asset-based credit facility for Smithfield Foods, Inc. (NYSE: SFD), the world's largest pork processor and hog producer. As previously announced by Smithfield Foods, the loan is a part of the company's ongoing debt restructuring efforts. GE Capital Markets served as joint-bookrunner.
Founded in 1936, Smithfield, Virginia-based Smithfield Foods, Inc. produces more than 50 brands of pork and turkey products, including Smithfield, John Morrell, Farmland and Butterball. With over 52,000 employees, the company serves retailers, food service and consumers worldwide.
"GE's commitment was significant in that it accounted for the largest portion of the overall credit facility, helping provide Smithfield with the liquidity it needed on a going forward basis," said Carey Dubois, Vice President, Finance for Smithfield Foods. "GE's in-depth knowledge of the food sector was invaluable with its participation and role in this financing."
"Protein producers and processors have been faced with unprecedented commodity price volatility as well as cyclical demand over the last 18 months," said Dennis Krause, food, beverage & agribusiness industry leader for GE Capital. "Understanding these challenges helps GE structure smarter liquidity solutions for customers."
About GE Capital, Corporate Finance
GE Capital, Corporate Finance is one of the largest providers of asset-based, cash flow and structured loans and leases for mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace & Defense, Automotive & Transportation, Chemicals & Plastics, Corporate Aircraft, Financial & Business Services, Food, Beverage & Agribusiness, Government Finance, Marine, Metals & Mining, Paper, Packaging & Forest Products, Retail, Technology & Electronics. Visit gelending.com/clnews.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at ge.com.
Ned Reynolds
GE Capital
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