J.P. Morgan and Salomon Smith Barney quickly raised the $200 million "B" tranche for Swift & Co., the name given to the ConAgra Foods beef and pork processing business acquired by Hicks, Muse, Tate & Furst. Officials at the banks did not return calls by press time, but a buysider said the deal blew out.
ConAgra is reducing its equity interest in the business from more than $1 billion to just $150 million. Hicks, Muse in conjunction with Booth Creek Management and George Gillett have acquired 54% of the new venture in a $1.4 billion deal (LMW, 6/24).