Tyson Foods buys back $392 million of notes in fiscal third quarter

By Angela McDaniels

Tacoma, Wash., Aug. 9 - Tyson Foods, Inc. repurchased $392 million of its notes during the fiscal third quarter ended July 3, according to its 10-Q report for the period filed with the Securities and Exchange Commission.

The repurchases included $225 million of 8¼% notes due October 2011, $161 million of 7.85% senior notes due April 2016 and $6 million of 7% notes due May 2018.

During the nine months ended July 3, the company repurchased $512 million of 8¼% notes, $218 million of 7.85% notes and $40 million of 7% notes, and it paid $59 million related to the premiums on notes repurchased.

At July 3, $327 million of 8¼% notes remained outstanding. The company plans to use current cash on hand and cash flows from operations for payment on the remaining notes.

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

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