Tyson Foods pays down $518 million notes in first half of fiscal 2010

By Angela McDaniels

Tacoma, Wash., May 10 - Tyson Foods, Inc. made payments on $518 million of notes during the first six months of fiscal 2010, according to its latest 10-Q report filed with the Securities and Exchange Commission.

The payments included the following:

• $287 million of 8¼% notes due October 2011;

• $140 million of 7.95% notes due February 2010;

• $57 million of 7.85% senior notes due April 2016; and

• $34 million of 7% notes due May 2018.

The company recorded $25 million related to the losses on notes repurchased during the period, which ended April 3.

As of April 3, the principal amount of 8¼% notes outstanding was $552 million. The company said it plans to use current cash on hand and cash flows from operations for the payment of these remaining notes.

Tyson Foods is a Springdale, Ark.-based processor and marketer of chicken, beef and pork.

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