Tyson CFO Says Company Has Improved Liquidity

NEW YORK (AP) — Tyson Foods Inc. said Tuesday it has strengthened its balance sheet by securing more than $1.7 billion in liquidity and restructuring $1.8 billion worth of debt coming due in the near term.

In recent months the world's largest chicken producer has issued 22.4 million additional shares of common stock and $458 million in senior convertible notes to raise capital. Tyson also completed an $810 million high-yield bond offering and replaced its revolving credit line with a $1 billion asset-based loan, according to a company statement.

Chief Financial Officer Dennis Leatherby told investors at a Barclays conference in New York that the company reduced its total debt to $3.75 billion as of the end of the second quarter, compared with about $5 billion in 2001. ...