Tyson Foods, Inc. Announces Pricing of Senior Notes Offerings

SPRINGDALE, Ark., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (the “Company”) (NYSE: 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 “2034 notes”) in underwritten public offerings under its effective shelf registration statement. The offerings are expected to close on March 8, 2024, subject to the satisfaction of customary closing conditions.

The company intends to use the net proceeds from the offerings for general corporate purposes, which is 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 pay down other outstanding debt, which may include amounts under its revolving credit facility or its commercial paper program, and/or invest the proceeds in bank deposit accounts, certificates of deposit, U.S. government securities or other interest bearing securities.

BofA Securities, Inc., Morgan Stanley & Co. LLC, Rabo Securities USA, Inc., RBC Capital Markets, LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the offerings. Barclays Capital Inc. and Goldman Sachs & Co. LLC are acting as senior co-managers for the offerings. The co-managers for the offerings are Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, Regions Securities LLC, Comerica Securities, Inc. and Siebert Williams Shank & Co., LLC.

The offerings 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 at 1-866-718-1649. You may also get these documents for free by visiting EDGAR on the website of the Securities and Exchange Commission (the “SEC”) at www.sec.gov.