Smithfield Foods Announces Expiration and Final Results of Tender Offer for 2011 Senior Unsecured Notes

/ Source: GlobeNewswire

SMITHFIELD, Va., Dec. 2, 2010 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (NYSE:SFD) ("Smithfield Foods") announced today the expiration and final results of its offer to purchase for cash (the "Tender Offer") up to an aggregate of $337 million principal amount of its outstanding 7.00% senior unsecured notes due 2011 (the "2011 Notes").

As of 12:00 midnight, New York City time, on December 1, 2010, the Expiration Date for the Tender Offer, the aggregate principal amount of the 2011 Notes tendered in the Tender Offer was approximately $318.4 million, representing 80.38% of the aggregate principal amount of the 2011 Notes outstanding as of the launch of the Tender Offer. On November 17, 2010, Smithfield Foods accepted and purchased approximately $263.8 million aggregate principal amount of the 2011 Notes tendered at or prior to the Tender Offer's Early Tender Date. Pursuant to the terms and conditions of the Tender Offer, Smithfield Foods has accepted for purchase approximately $54.6 million aggregate principal amount of the remaining 2011 Notes tendered but not previously purchased in the Tender Offer.

Goldman, Sachs & Co. is the Dealer Manager for the Tender Offer. Questions regarding the Tender Offer may be directed to Goldman, Sachs & Co. by phone at (800) 828-3182 (toll-free) or at (212) 902-5128 (collect) or by writing at 200 West Street, New York, NY 10282-2198, Attention: Liability Management Group. Global Bondholder Services Corporation has been retained as depositary and information agent for the Tender Offer. Requests for documents may be directed to Global Bondholder Services Corporation by telephone at (866) 807-2200 (toll-free) or in writing at 65 Broadway – Suite 404, New York, NY 10006, Attention: Corporate Actions.

This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities.

About Smithfield Foods

Smithfield Foods is the world's largest pork processor and hog producer, with revenues exceeding $11 billion in fiscal 2010. In the United States, the company is also the leader in numerous packaged meats categories. From national brands and regional powerhouses in the United States to some of the best-known European brands, Smithfield Foods products are prized by retail, foodservice, and deli customers alike. For more information, visit .

The Smithfield Foods, Inc. logo is available at

Forward-Looking Statements

This press release contains certain "forward-looking" statements within the meaning of the federal securities laws. These statements relate to future events or our future performance. The forward-looking statements include statements concerning our outlook for the future, as well as other statements of beliefs, future plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions are intended to identify forward-looking statements. Our forward-looking information and statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in, or implied by, the statements. These risks and uncertainties include, but are not limited to, statements concerning: the availability and prices of live hogs, raw materials, fuel and supplies, food safety, livestock disease, live hog production costs, product pricing, the competitive environment and related market conditions, risks associated with our indebtedness, including cost increases due to rising interest rates or changes in debt ratings or outlook, hedging risk, operating efficiencies, changes in foreign currency exchange rates, access to capital, the cost of compliance with and changes to regulations and laws, including changes in accounting standards, tax laws, environmental laws, agricultural laws and occupational, health and safety laws, adverse results from on-going litigation, actions of domestic and foreign governments, labor relations issues, credit exposure to large customers, the ability to make effective acquisitions and successfully integrate newly acquired businesses into existing operations, our ability to effectively restructure portions of our operations and achieve cost savings from such restructurings and other risks and uncertainties described in the Offer to Purchase, under "Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended August 1, 2010 and under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended May 2, 2010. We caution you that the foregoing list of important factors and assumptions is not exhaustive.

Readers are cautioned not to place undue reliance on forward-looking statements because actual results may differ materially from those expressed in, or implied by, the statements. Any forward-looking statements that we make speak only as of the date of such statements, and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

CONTACT: Smithfield Foods, Inc. Keira Lombardo (757) 365-3050