SPRINGDALE, Ark., Feb. 28, 2024 (GLOBE NEWSWIRE) — Tyson Foods, Inc. (the “Company”) TSN announced today that it has agreed to sell $600 million aggregate principal amount of its 5.400% Senior Notes due 2029 (the “2029 Notes”) and $900 million aggregate principal amount of its 5.700% Senior Notes due 2034 (the “2029 Notes”) notes 2034″) in public offerings subscribed under its effective shelf registration statement. The offerings are expected to close on March 8, 2024, subject to satisfaction of customary closing conditions.
The company intends to use the net proceeds from the offerings for general corporate purposes, which are expected to include the retirement of the outstanding 3.95% Notes due August 2024 (the ''2024 Notes'' ). Pending application of the proceeds, the Company intends to use the proceeds to repay other outstanding debt, which may include amounts under its revolving line of credit or its commercial paper program, and/or invest the proceeds in accounts bank deposits, certificates of deposit, US Government Securities or other interest-bearing securities.
BofA Securities, Inc., Morgan Stanley & Co. LLC, Rabo Securities USA, Inc., RBC Capital Markets, LLC and JP Morgan Securities LLC are acting as joint book-running managers for the offerings. Barclays Capital Inc. and Goldman Sachs & Co. LLC are acting as co-senior managers of the offerings. Co-managers of the offerings are Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., US Bancorp Investments, Inc., Wells Fargo Securities, LLC, Regions Securities LLC, Comerica Securities, Inc. and Siebert Williams Shank & Co., LLC.
Offers may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus relating to these offerings may be obtained from BofA Securities, Inc. by calling BofA Securities, Inc. toll-free at 1-800-294-1322 or from Morgan Stanley & Co. LLC by calling Morgan Stanley & Co. LLC, toll-free 1-866-718-1649. You may also obtain these documents for free by visiting EDGAR on the Securities and Exchange Commission (the “SEC”) website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration. or qualification under the securities laws of any such state or jurisdiction. A registration statement relating to the notes became effective on June 9, 2023 and this offering is being made by means of a prospectus supplement.
Forward-looking statements
Certain information contained in this release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current opinions and estimates of our prospects for fiscal year 2024, other future economic circumstances. , industry conditions in domestic and international markets, our financial performance and results (e.g., debt levels, return on invested capital, growth of value-added products, capital expenditures, tax rates, access to foreign markets and policy of dividends). These forward-looking statements are subject to a number of factors and uncertainties that could cause our actual results and experiences to differ materially from the anticipated results and expectations expressed in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Other important factors are discussed in detail in the company's filings with the Securities and Exchange Commission, including Part I, Item 1A. “Risk Factors” included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
About Tyson Foods, Inc.
Tyson Foods, Inc. TSN is one of the world's largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and developed under four generations of family leadership, the company has a broad portfolio of products and brands such as Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp . ® and State Fair®. Tyson Foods continually innovates to make protein more sustainable and affordable to meet the needs of customers around the world and raise the world's expectations of how much good food can do. Headquartered in Springdale, Arkansas, the Company had approximately 139,000 team members as of September 30, 2023. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as steward of the animals, land and environment entrusted to you. Visit www.tysonfoods.com.
Media Contact: Angelena Abate | Angelena.Abate@ketchum.com | 646-234-8060
