SMITHFIELD, Va., April 2, 2015 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc., a wholly owned subsidiary of WH Group Limited (HKEX:288), announced today it has entered into a new revolving credit facility totaling $1.025 billion with Rabobank Nederland, New York Branch, as administrative agent. The new credit facility replaces the company's previous $1.025 billion revolving credit facility and includes an option, subject to certain conditions, to increase available commitments to $1.3 billion in the future. The new credit facility matures in May 2020.
"Since the merger with WH Group, Smithfield Foods has achieved record profitability and reduced debt by $1 billion. The refinancing of our core working capital facility will further improve our cost of debt while ensuring ample liquidity," said C. Larry Pope, president and chief executive officer.
"We wish to thank Rabobank and all our bank lenders for, once again, providing us their overwhelming support," he added.
About Smithfield Foods
Smithfield Foods is a $15 billion global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories with popular brands including Smithfield®, Eckrich®, Farmland®, Armour®, Cook's®, Gwaltney®, John Morrell®, Kretschmar®, Curly's®, Carando®, Margherita® and Healthy Ones®. Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental and food safety and quality programs. For more information, visit www.smithfieldfoods.com and www.smithfieldcommitments.com.