date:Aug 04, 2014
Determined not to squander the years it spent clawing its way out of the junk bond market, Tyson Foods has pandered to bond investors by issuing more equity than first expected to pay for its US$8.2bn acquisition of Hillshire Brands.
On Monday, it placed US$950m of stock and US$1.5bn of mandatory tangible equity units, the latter getting 85% equity treatment from the ratings agencies.
That was more than the US$1bn-$1.5bn of equity some analysts had expected and significantly bolsters Tyson's p