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
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