Morgan Stanley has agreed to lend $1.5 billion to Tyson Foods Inc., the Springdale company said Wednesday in a shareholder filing.
The nation's largest meatpacker entered the term-loan agreement on Friday, with a two-year maturity date. Morgan Stanley is acting as the principal agent between the company and a syndicate of lenders.
Interest on borrowings under the agreement will accrue and be payable in correspondence with Tyson's corporate credit rating, according to the filing. The loan is designated to finance Tyson and refinance or decrease the company's outstanding debt.
The filing was signed by Read Hudson Tyson's senior vice president, associate general counsel and secretary.
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Tyson's shares have fallen nearly 14% in the past five days as coronavirus rattles the markets. The shares continued to slide on Wednesday, falling $2.53, or 4.4%, to close at $55.34 on the New York Stock Exchange.
Business on 04/02/2020