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Local stock watch: Smithfield Foods plans $250 offering

Smithfield Foods Inc. plans to offer $250 million of shares and may use the proceeds to repay debt.

The pork processing company, which has large regional operations, last week posted a $107.7 million net loss in its fiscal first quarter ended Aug. 2. The results were wider than a loss of $13.2 million a year earlier, as the global recession and swine flu outbreak reduced demand.

Money raised from the offer will be used to strengthen its balance sheet and possibly retire debt, the company said late Monday.

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