US meat group Tyson Foods has announced an exchange offer for US$810m of its outstanding 10.50% senior notes due 2014.
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The offer is necessary to fulfil obligations under the registration rights agreement the company entered into with the sale of the original notes, it said yesterday (22 July).
Tenders of the original notes must be made before the exchange offer expires on 21 August, and may be withdrawn at any time before the exchange offer expires.
Terms of the new notes are identical to those of the original notes, except that the transfer restrictions, registration rights and special interest provisions relating to the original notes do not apply to the new notes.
Tyson was last week fined for “wilfully violating” safety regulations that led to a worker’s death at its River Valley Animal Foods plant in Texarkana, Arkansas.
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By GlobalDataA US District Court in Arkansas ordered the meat company to pay the maximum fine of US$500,000 and serve a one-year probation.
