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Source: Janie Gabbett, MEATINGPLACE.COM, 9/10/08
Tyson Foods Inc. said it has priced its 20-million-share common stock offering at $12.75 per share, which, when combined with the proceeds of its $450 million convertible note offering, would yield the Springdale, Ark., protein processing giant a total of $705 million.
Both offerings were announced last week.
Tyson also said it has granted the underwriters an option to purchase up to an additional $67.5 million in aggregate principal amount of convertible senior notes to cover over-allotments, if any.
Tyson said last week it plans to use the proceeds to pay down debt and support acquisitions, strategic investments and initiatives to grow its business.
Tyson's stock fell over 8 percent last week on the news of the stock and debt offerings. Various rating agencies have either downgraded or put Tyson's debt on review for a possible downgrade. Shares on Wednesday were trading down about 3 percent at 12.64 in mid-morning trade on the New York Stock Exchange.
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