Tyson Foods has modified its $1 billion credit facility. JPMorgan Chase Bank has been appointed to act as the administrative agent for the loan. The U.S. meat producer’s facility will continue to be secured by the company’s domestic cash, accounts receivable and inventory, and guaranteed by most of its domestic subsidiaries. The credit facility will mature on Feb. 23, 2016. The amended credit facility has lowered fee structure that will reduce the company’s annual interest expense by $88 million to $245 million in 2011, adds Reuters.
Click here for the release from Globe Newswire.
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