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Research Update: Swift & Company Mar 03 Product Image

Research Update: Swift & Company Mar 03

  • ID: 2043368
  • March 2003
  • Standard & Poors

FEATURED COMPANIES

  • Cargill Inc.
  • ConAgra Foods Inc.
  • Smithfield Foods Inc.
  • Swift & Co.
  • Tyson Foods Inc.
  • MORE

Abstract
On March 17, 2003, Standard & Poor's Ratings Services assigned its 'B' rating to beef and pork processor Swift & Co.'s $150 million senior subordinated notes due 2010, issued under Rule 144A with registration rights. The issuance of the notes will not provide Swift & Co. with any new proceeds, as the notes were originally issued to ConAgra Foods Inc. (BBB+/Stable/A-2) on Sept. 19, 2002, for partial consideration for the acquisition of ConAgra's beef and pork business. ConAgra will be the selling noteholder. At the same time, Standard & Poor's affirmed its 'BB-' corporate credit, 'BB' senior secured bank loan, and 'B+' senior unsecured debt ratings on Swift. The outlook on Greeley, Colo.-based Swift is stable. The company had about...

Companies mentioned in this report are:
- Swift & Co.
- ConAgra Foods Inc.
- Cargill Inc.
- Tyson Foods Inc.
- Smithfield Foods Inc.

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets READ MORE >

- Swift & Co.
- ConAgra Foods Inc.
- Cargill Inc.
- Tyson Foods Inc.
- Smithfield Foods Inc.

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