Smithfield Foods Inc.

07/24/2025 | Press release | Distributed by Public on 07/24/2025 14:08

Material Agreement (Form 8-K)

Item 1.01. Entry into a Material Definitive Agreement
On July 22, 2025, Smithfield Foods, Inc. (the "Company") and certain of its subsidiaries entered into an omnibus amendment (the "Amendment") to amend and restate (i) the Fifth Amended and Restated Credit and Security Agreement, dated as of December 22, 2022, among Smithfield Receivables Funding LLC, the Company, certain lender parties thereto, Coöperatieve Rabobank U.A., New York Branch, PNC Bank, National Association, and PNC Capital Markets LLC and (ii) the Fifth Amended and Restated Receivables Sale Agreement, dated as of December 22, 2022, among the Company, SFFC, Inc., Smithfield Support Services Corp., Smithfield Fresh Meats Sales Corp., Smithfield Fresh Meats Corp., Smithfield Direct, LLC, Smithfield Bioscience, Inc., Smithfield Packaged Meats Sales Corp. and Smithfield Receivables Funding LLC (the "Facility"). Pursuant to the Amendment, the Company terminated the monetization component of the Facility, effected the technical and conforming changes necessary to reflect the removal of the monetization component of the Facility and memorialized the securitization component of the Facility, which remains in place.
The monetization component of the Facility originally was established to provide the Company with additional liquidity and working capital flexibility. In light of the Company's current liquidity position and internal capital resources, the Company determined that the monetization component of the Facility was no longer cost-effective or necessary. There were no early termination penalties or other material exit costs incurred in connection with the termination of the monetization component of the Facility.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment as is being filed as Exhibit 10.1 to this report and is incorporated herein by reference.
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