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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001193125-07-138515.txt : 20070619
<SEC-HEADER>0001193125-07-138515.hdr.sgml : 20070619
<ACCEPTANCE-DATETIME>20070619171619
ACCESSION NUMBER:		0001193125-07-138515
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070619
DATE AS OF CHANGE:		20070619

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMITHFIELD FOODS INC
		CENTRAL INDEX KEY:			0000091388
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		IRS NUMBER:				520845861
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-143727
		FILM NUMBER:		07929440

	BUSINESS ADDRESS:	
		STREET 1:		200 COMMERCE STREET
		STREET 2:		EXECUTIVE OFFICE BUILDING
		CITY:			SMITHFIELD
		STATE:			VA
		ZIP:			23430
		BUSINESS PHONE:		7573653000

	MAIL ADDRESS:	
		STREET 1:		200 COMMERCE STREET
		STREET 2:		EXECUTIVE OFFICE BUILDING
		CITY:			SMITHFIELD
		STATE:			VA
		ZIP:			23430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY EQUITIES CORP
		DATE OF NAME CHANGE:	19710221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY REAL ESTATE TRUST
		DATE OF NAME CHANGE:	19661113

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMITHFIELD FOODS INC
		CENTRAL INDEX KEY:			0000091388
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		IRS NUMBER:				520845861
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		200 COMMERCE STREET
		STREET 2:		EXECUTIVE OFFICE BUILDING
		CITY:			SMITHFIELD
		STATE:			VA
		ZIP:			23430
		BUSINESS PHONE:		7573653000

	MAIL ADDRESS:	
		STREET 1:		200 COMMERCE STREET
		STREET 2:		EXECUTIVE OFFICE BUILDING
		CITY:			SMITHFIELD
		STATE:			VA
		ZIP:			23430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY EQUITIES CORP
		DATE OF NAME CHANGE:	19710221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY REAL ESTATE TRUST
		DATE OF NAME CHANGE:	19661113
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dfwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
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<TITLE>FREE WRITING PROSPECTUS</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Filed pursuant to Rule 433 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Registration No.&nbsp;333-143727 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SMITHFIELD FOODS, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>FINAL TERM SHEET </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>June&nbsp;19, 2007
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>7.750% Senior Notes due 2017 </U></B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">ISSUER: Smithfield Foods, Inc. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">SECURITY: 7.750% Senior Notes due 2017 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">MATURITY: July 1, 2017 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">PRINCIPAL AMOUNT: $500,000,000 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">PROCEEDS TO COMPANY: 98.850% </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">EXPECTED RATINGS: Ba3 by Moody&#146;s Investors Service,
Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BB by Standard &amp; Poor&#146;s Ratings Services </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">COUPON: 7.750% </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">YIELD: 7.750% </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2">BENCHMARK TREASURY: 4.50% due May 2017 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">SPREAD TO BENCHMARK TREASURY: 267 bps </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">BENCHMARK TREASURY YIELD: 5.08% </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">PRICE AT ISSUE: 100.000% </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">INTEREST PAYMENT DATES: January 1 and July 1 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">FIRST INTEREST PAYMENT DATE: January 1, 2008 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">EQUITY CLAWBACK (OPTIONAL REDEMPTION): At any time prior to July 1, 2010, we may redeem up to 35% of the original principal amount of the notes with the proceeds of one or more equity offerings of our common shares at a redemption price of
107.750% of the principal amount of the notes, together with accrued and unpaid interest, if any, to the date of redemption. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">CHANGE OF CONTROL: The
occurrence of a change of control will be a triggering event requiring us to offer to purchase the notes at a price equal to 101% of the principal amount together with accrued and unpaid interest, if any, to the date of purchase. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Certain asset dispositions will be triggering events which may require us to use the proceeds from those asset dispositions to make an offer to purchase the notes at
100% of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase if such proceeds are not otherwise used within 365 days to repay indebtedness (with a corresponding reduction in commitment) or to invest in
assets related to our business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">BOOKRUNNERS: Citigroup Global Markets Inc. and J.P. Morgan Securities, Inc. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">CO-MANAGERS: Goldman, Sachs&nbsp;&amp; Co., Banc of America Securities LLC, BMO Capital Markets Corp., Morgan Stanley&nbsp;&amp; Co. Incorporated, Rabo Securities
USA, Inc., SG Americas Securities, LLC, ING Financial Markets, LLC, and SunTrust Capital Markets,&nbsp;Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">TRADE DATE: June&nbsp;19, 2007 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">SETTLEMENT DATE (T&#043;3): June&nbsp;22, 2007 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">CUSIP: 832248 AQ1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2">ISIN: US832248AQ16 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Citigroup Global Markets Inc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1-877-858-5407 (toll free)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">J.P. Morgan Securities Inc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1-212-834-4533 (collect)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">This communication is intended for the sole use of the person to whom it is
provided by the sender. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The information in this term sheet supplements the Company&#146;s preliminary prospectus, dated June&nbsp;19, 2007 (the
&#147;Preliminary Prospectus&#148;) and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus. This term sheet is qualified in its entirety by reference to the
Preliminary Prospectus. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A
securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. </FONT></P>
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