8-K: Current report
Published on July 24, 2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2025
(Exact name of registrant as specified in its charter)
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of incorporation)
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(Commission
File Number)
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(IRS Employer
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(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (757 ) 365-3000
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit Index | ||||||||||||||
| Exhibit Number | Exhibit Description | |||||||||||||
| 10.1 | ||||||||||||||
| 104 | Cover Page Interactive Data File formatted in iXBRL. | |||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SMITHFIELD FOODS, INC. | ||||||||
| Date: July 24,2025 | By: | /s/ Mark L. Hall | ||||||
| Mark L. Hall | ||||||||
| Chief Financial Officer | ||||||||