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Tyson Foods benefiting from solid capital 17 Jun 2009
Tyson Foods, Inc. reported that the capital restructuring it underwent in recent months secured more than US$1.7 billion in liquidity as of March 28 and has ensured financial flexibility while addressing more than US$1.8 billion in near-term debt maturities.
In September, Tyson began capital restructuring by issuing 22.4 million Class A Common Shares and US$458 million in Senior Convertible Notes. In March, the company successfully completed an US$810 million high yield bond offering and replaced its previous revolving credit facility with a US$1 billion asset-based lending facility.
"Despite volatile commodity markets, we have been disciplined in reducing our debt load," Dennis Leatherby, Tyson's executive vice president and chief financial officer said. "Our net debt at the end of our second quarter was US$2.6 billion, compared to a high of nearly US$5 billion in 2001."
Tyson has previously reported that its chicken, beef, pork and prepared foods segments are all profitable. Leatherby said the chicken segment has made significant improvement as a result of sales volume, product mix, shorter-term contracts with customers and operational efficiencies. Leatherby also said Tyson's chicken business will have a stronger third quarter than indicated on its May 4 earnings call.
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