SPRINGDALE, Ark. (AP) — Tyson Foods, the nation's biggest meat company, established a new $1 billion credit facility that will reduce its annual interest expense by $1.1 million a year and boost its balance sheet.
JPMorgan Chase Bank NA will serve as administrative agent. Tyson said Monday that the new facility's terms reflects the company's recent return to investment grade status and will provide it with increased financial flexibility.
The new credit facility and related commitments are scheduled to mature in August 2017.
Shares of Tyson Foods Inc., based in Springdale, Ark., rose 6 cents to $16.10 in premarket trading.