Tyson Foods Inc, the world’s largest meat producer and marketer, said Monday, it has entered $1 billion new secured credit facility with JPMorgan as administrative agent and has closed its previously announced offering of $810 million.
The new senior secured credit facility and notes offering were both initiated as part of Tyson’s ongoing debt management efforts. And, is schedule to mature on March 9, 2012 and Tyson also completed its offering of $810 million of 10.50 percent senior notes due on 2014.
“Given the current financial market, we believed it was prudent for us to proceed with these measures now,” said Dennis Leatherby, executive vice president and chief financial officer for Tyson Foods.
“The offering and new credit facility provides Tyson with continued financial flexibility, giving us the option of paying off some existing debt early as well as funds for future financing needs, He said in a statement”