The company also said that it plants to offer up to $450 million of its convertible senior notes due in 2013 in a public offering. Both offerings are subject to market and other conditions.
The common stock offering and convertible notes offering are being conducted as separate public offerings and are not contingent upon each other.
Net proceeds from the offerings are expected to be used to repay portions of outstanding borrowings under Tyson's accounts receivable credit facility and for other general corporate purposes such as acquisitions, strategic investments and initiatives to grow the company's business.
J.P. Morgan Securities Inc. and Merrill Lynch & Co. will act as the joint book-running managers of the offerings, the company said.
Source: Tyson Foods Inc.
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