Tyson Foods locks up $1.25 billion five-year unsecured revolving line

By Susanna Moon

Chicago, Sept. 29 – Tyson Foods Inc. obtained a $1.25 billion five-year unsecured revolving credit line on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans will range from Libor plus 90 basis points to Libor plus 150 bps, based on the company’s ratings.

JPMorgan Chase Bank, NA is the administrative agent. J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays Bank plc, CoBank, ACB, Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Rabobank Nederland, New York Branch, Morgan Stanley Senior Funding, Inc. and RBC Capital Markets are the joint lead arrangers and joint bookrunners.

Bank of America, NA and Barclays Bank plc are the syndication agents. CoBank, Cooperatieve Centrale Raiffeisen-Boerenleenbank, Rabobank Nederland, Morgan Stanley Senior Funding and RBC Capital Markets are the documentation agents.

There is a sublimit of $500 million for letters of credit.

The agreement replaces the company’s $1 billion revolving credit agreement dated Aug. 9, 2012, according to a company press release.

The credit agreement will mature on Sept. 25, 2019.

The agreement allows the company to request increases in the revolving commitments in an amount of up to $500 million from time to time.

The meat and food production company is based in Springdale, Ark.

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