SPRINGDALE, Ark., Aug. 13, 2012 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE:TSN) today announced the establishment of a new $1 billion credit facility that is expected to reduce the company's annual interest expense and enhance its already strong balance sheet.
JPMorgan Chase Bank, N.A. will serve as administrative agent of the new facility, which will lower the company's annualized interest cost by $1.1 million. The credit facility contains terms and covenants that are indicative of the company's investment grade status and these will provide the company with greater operating and strategic flexibility than it had in its previous credit facility.
"Our ability to establish this new credit facility is reflective of Tyson's recent return to investment grade status with all three ratings agencies," said Dennis Leatherby, executive vice president and chief financial officer for Tyson Foods. "It's another positive step in our ongoing efforts to maintain a strong balance sheet, which is especially important as we face challenging market conditions and work to execute our strategy for growth."The new credit facility and related commitments are scheduled to mature in August 2017. More details about the credit facility are available in a Form 8-K filed by the company. To see the document, use the following link: http://ir.tyson.com/phoenix.zhtml?c=65476&p=irol-sec Tyson Foods, Inc. (NYSE:TSN), founded in 1935 with headquarters in Springdale, Arkansas, is one of the world's largest processors and marketers of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. The company produces a wide variety of protein-based and prepared food products and is the recognized market leader in the retail and foodservice markets it serves. Tyson provides products and services to customers throughout the United States and more than 130 countries. The company has approximately 115,000 Team Members employed at more than 400 facilities and offices in the United States and around the world. Through its Core Values, Code of Conduct and Team Member Bill of Rights, Tyson strives to operate with integrity and trust and is committed to creating value for its shareholders, customers and Team Members. The company also strives to be faith-friendly, provide a safe work environment and serve as stewards of the animals, land and environment entrusted to it. The Tyson Foods, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3224
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