Tyson Foods repurchases $293 million of notes during fiscal 2009

By Angela McDaniels

Tacoma, Wash., Nov. 23 - Tyson Foods, Inc. bought back $293 million of notes during the fiscal year ended Oct. 3, according to its 10-K report for the year filed with the Securities and Exchange Commission on Monday.

The repurchased notes included $161 million of the company's 8¼% notes due October 2011, $94 million of its 7.95% notes due February 2010 and $38 million of its notes due April 2016, which currently have a coupon of 7.85%.

The bulk of the repurchases were made during the first nine months of fiscal 2009. During the fiscal fourth quarter, $15 million of the 7.85% notes were bought back.

The $293 million of debt repurchased is a larger amount than that recorded in fiscal 2008, when the company repurchased $40 million of the 7.85% notes and repaid the remaining $25 million outstanding on the term loan of its Alberta, Canada, subsidiaries.

Tyson Foods is a Springdale, Ark.-based processor and marketer of chicken, beef and pork.

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