Tyson Foods Inc. (NYSE: TSN) priced a cash tender offer to purchase up to $1.2 billion in outstanding senior notes, reaching the maximum cap by the early tender deadline on August 21.
The company eliminated the previously announced 5.400% 2029 tender sub-cap, and all notes accepted for purchase will be retired and canceled, removing them as outstanding obligations. Notes tendered after the early deadline will not be accepted.
The tender offer covered three series of senior notes. Purchases totaled $571.26 million of the 3.550% notes due 2027, $389.97 million of the 5.400% notes due 2029, and $235.34 million of the 4.350% notes due 2029, with the latter subject to a 43.48% proration factor.
Consideration per $1,000 principal amount was set at $994.87 for the 2027 notes, $1,019.77 for the 5.400% 2029 notes, and $994.24 for the 4.350% 2029 notes. These amounts include an early tender premium of $30 per $1,000 for notes submitted before the early deadline. The tender offer yield was determined by dealer managers at 10:00 a.m. New York time on August 19.
Tyson Foods engaged BofA Securities, J.P. Morgan, Morgan Stanley, and Rabo Securities as dealer managers, with D.F. King & Co. serving as information and tender agent. The expected settlement date is August 26, with payments including accrued and unpaid interest from the last payment date up to, but not including, the settlement date. The offer remains open until September 8, 2026, at 5:00 p.m. New York time, though no additional purchases will be made after the early deadline.
