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SMITHFIELD FOODS, INC., SELLS CONVERTIBLE PREFERRED STOCK IN PRIVATE TRANSACTION

 SMITHFIELD FOODS, INC., SELLS CONVERTIBLE PREFERRED STOCK
 IN PRIVATE TRANSACTION
 SMITHFIELD, Va., Oct. 22 /PRNewswire/ -- Joseph W. Luter III, chairman, president and chiefx?ecutive officer of Smithfield Foods, Inc. (NASDAQ-NMS: SFDS), today announced that the company had completed the private sale of a new class of Preferred Stock to Wake Forest University for $10 million cash.
 The Series B 6-3/4 percent Cumulative Convertible Preferred Stock, par value $1 per share, may be converted into shares of the company's common stock at any time based on a conversion price of $21.50 per common share. At such price, the Series B Preferred Stock may be converted into approximately 465,000 common shares, or about 2.9 percent of the presently outstanding common shares of the company.
 The Series B Preferred Stock will be redeemable in whole or in part at any time after the third anniversary of its issuance date at 104 percent of face amount and is subject to mandatory redemption at par on the 10th anniversary of its issuance date. Dividends will be cumulative and payable quarterly. Customary registration rights have been granted in respect of the common shares issuable upon conversion of the Series B Preferred Stock.
 -0- 10/22/92
 /CONTACT: Aaron D. Trub of Smithfield Foods, 202-223-4224/
 (SFDS) CO: Smithfield Foods, Inc. ST: Virginia IN: FOD SU:


TW -- DC016 -- 3542 10/22/92 11:47 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 22, 1992
Words:231
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