Shuanghui International secures financing for merger with Smithfield Foods
Shuanghui International Holdings Limited announced that has entered into a facilities agreement with Bank of China Limited, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (also known as Rabobank International), Credit Agricole Corporate and Investment Bank, DBS Bank Ltd., Natixis, The Royal Bank of Scotland plc, Standard Chartered Bank (Hong Kong) Limited and Industrial & Commercial Bank of China (Asia) Limited whereby Shuanghui will obtain approximately $4.0 billion in debt financing to fund its pending acquisition of Smithfield Foods.
As previously announced, Shuanghui and Smithfield entered into a definitive merger agreement in May 2013 whereby Shuanghui would acquire Smithfield pursuant to a merger in which the Smithfield shareholders will receive $34.00 per share in cash for each share of Smithfield common stock that they own.