SPRINGDALE, Ark. - Tyson Foods , Inc. (NYSE: NYSE:TSN), a global food company, has announced the sale of senior notes in two series totaling $1.5 billion. The company plans to issue $600 million of 5.400% Senior Notes due in 2029 and $900 million of 5.700% Senior Notes due in 2034. The closing date for the offerings is anticipated to be March 8, 2024, contingent upon standard closing conditions.
The proceeds from the sale are earmarked for general corporate purposes, which include the retirement of the company's 3.95% Notes due in August 2024. In the interim, Tyson Foods intends to utilize the funds to reduce other debts, such as those under its revolving credit facility or its commercial paper program.
The company may also invest the proceeds in bank deposit accounts and other interest-bearing securities.
A consortium of financial institutions, including BofA Securities, Inc., Morgan Stanley & Co (NYSE:MS). LLC, and J.P. Morgan Securities LLC, is managing the underwritten public offerings. Barclays Capital Inc. and Goldman Sachs & Co (NYSE:GS). LLC are serving as senior co-managers, with several other firms participating as co-managers.
The offerings are being made under Tyson Foods' effective shelf registration statement, which was declared effective on June 9, 2023. Interested parties may obtain copies of the preliminary prospectus supplement and accompanying prospectus from the joint book-running managers or by visiting the SEC's EDGAR website.
The company's announcement includes forward-looking statements regarding its fiscal 2024 outlook and other financial projections. However, these statements are qualified by cautionary language, noting that actual results may differ due to various factors and uncertainties.
Based in Springdale, Arkansas, Tyson Foods has a diverse portfolio of products and is known for its commitment to sustainability and affordability in protein production. The information regarding this offering is based on a press release statement from Tyson Foods, Inc.
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