<SEC-DOCUMENT>0001140361-24-010188.txt : 20240228
<SEC-HEADER>0001140361-24-010188.hdr.sgml : 20240228
<ACCEPTANCE-DATETIME>20240228172041
ACCESSION NUMBER:		0001140361-24-010188
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240228
DATE AS OF CHANGE:		20240228

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TYSON FOODS, INC.
		CENTRAL INDEX KEY:			0000100493
		STANDARD INDUSTRIAL CLASSIFICATION:	POULTRY SLAUGHTERING AND PROCESSING [2015]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				710225165
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-272538
		FILM NUMBER:		24697063

	BUSINESS ADDRESS:	
		STREET 1:		2200 DON TYSON PARKWAY
		CITY:			SPRINGDALE
		STATE:			AR
		ZIP:			72762-6999
		BUSINESS PHONE:		479-290-5799

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2020
		STREET 2:		P O BOX 2020
		CITY:			SPRINGDALE
		STATE:			AR
		ZIP:			72765-2020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TYSON FOODS INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TYSON FOODS, INC.
		CENTRAL INDEX KEY:			0000100493
		STANDARD INDUSTRIAL CLASSIFICATION:	POULTRY SLAUGHTERING AND PROCESSING [2015]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				710225165
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		2200 DON TYSON PARKWAY
		CITY:			SPRINGDALE
		STATE:			AR
		ZIP:			72762-6999
		BUSINESS PHONE:		479-290-5799

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2020
		STREET 2:		P O BOX 2020
		CITY:			SPRINGDALE
		STATE:			AR
		ZIP:			72765-2020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TYSON FOODS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20021527x2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using Broadridge PROfile 24.2.1.5221
         Copyright 1995 - 2024 Broadridge -->
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; font-weight: bold;">Filed pursuant to Rule 433</div>
    <div style="text-align: right; font-weight: bold;">Dated February 28, 2024</div>
    <div style="text-align: right; font-weight: bold;">Issuer Free Writing Prospectus supplementing the</div>
    <div style="text-align: right; font-weight: bold;">Preliminary Prospectus Supplement</div>
    <div style="text-align: right; font-weight: bold;">dated February 28, 2024 and the</div>
    <div style="text-align: right; font-weight: bold;">Prospectus dated June 9, 2023</div>
    <div style="text-align: right; font-weight: bold;">Registration No. 333-272538</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Tyson Foods, Inc.</div>
    <div style="text-align: center; font-weight: bold;">Final Term Sheet</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">$600,000,000 5.400% Senior Notes due 2029</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8ffbb0868629404ba275f5fca0519e51" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Issuer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Tyson Foods, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Ratings (Moody&#8217;s/S&amp;P/Fitch):</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Baa2/BBB/BBB*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Format:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Ranking:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Senior Unsecured</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Size:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>$600,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>February 28, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Settlement Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>March 8, 2024 (T + 7)**</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Final Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>March 15, 2029</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Semi-annually, on March 15 and September 15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>First Interest Payment Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>September 15, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Pricing Benchmark:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>4.00% due January, 2029</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>UST Spot (Price/Yield):</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>98-23+ / 4.287%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Spread to Benchmark:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>T+115 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Yield to Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>5.437%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Coupon:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>5.400%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Public Offering Price:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>99.838%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Day Count:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>30/360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Make Whole Call:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>T + 20 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Par call:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">On or after 1 month prior to the Final Maturity date</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Minimum Denominations/Multiples:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Denominations of $2,000 and in integral multiples of $1,000 in excess thereof</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Joint Bookrunning Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>BofA Securities, Inc.</div>
            <div>Morgan Stanley &amp; Co. LLC</div>
            <div>Rabo Securities USA, Inc.</div>
            <div>RBC Capital Markets, LLC</div>
            <div>J.P. Morgan Securities LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Senior Co-managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Barclays Capital Inc.</div>
            <div>Goldman Sachs &amp; Co. LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Co-managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Credit Agricole Securities (USA) Inc.</div>
            <div>Mizuho Securities USA LLC</div>
            <div>MUFG Securities Americas Inc.</div>
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>Wells Fargo Securities, LLC</div>
            <div>Regions Securities LLC</div>
            <div>Comerica Securities, Inc.</div>
            <div>Siebert Williams Shank &amp; Co., LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>CUSIP:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>902494 BL6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>ISIN:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>US902494BL61</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Exchange Listing:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>None</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    <!--PROfilePageNumberReset%Num%2%%%-->
    <div><br>
    </div>
    <div style="font-weight: bold;">$900,000,000 5.700% Senior Notes due 2034</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb522d53b6a8f48e2a3e86c85495ea871" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Issuer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Tyson Foods, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Ratings (Moody&#8217;s/S&amp;P/Fitch):</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Baa2/BBB/BBB*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Format:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Ranking:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Senior Unsecured</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Size:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>$900,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>February 28, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Settlement Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>March 8, 2024 (T + 7)**</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Final Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>March 15, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Semi-annually, on March 15 and September 15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>First Interest Payment Date:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>September 15, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Pricing Benchmark:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>4.00% due February, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>UST Spot (Price/Yield):</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>97-25+ / 4.274%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Spread to Benchmark:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>T+145 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Yield to Maturity:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>5.724%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Coupon:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>5.700%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Public Offering Price:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>99.817%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Day Count:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>30/360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Make Whole Call:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>T + 25 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Par call:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">On or after 3 months prior to the Final Maturity date</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Minimum Denominations/Multiples:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Denominations of $2,000 and in integral multiples of $1,000 in excess thereof</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Joint Bookrunning Managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>BofA Securities, Inc.</div>
            <div>Morgan Stanley &amp; Co. LLC</div>
            <div>Rabo Securities USA, Inc.</div>
            <div>RBC Capital Markets, LLC</div>
            <div>J.P. Morgan Securities LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Senior Co-managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Barclays Capital Inc.</div>
            <div>Goldman Sachs &amp; Co. LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Co-managers:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Credit Agricole Securities (USA) Inc.</div>
            <div>Mizuho Securities USA LLC</div>
            <div>MUFG Securities Americas Inc.</div>
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>Wells Fargo Securities, LLC</div>
            <div>Regions Securities LLC</div>
            <div>Comerica Securities, Inc.</div>
            <div>Siebert Williams Shank &amp; Co., LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>CUSIP:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>902494 BM4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>ISIN:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>US902494BM45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Exchange Listing:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>None</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z25babb49253c43a19d8f6f2e134494ee" cellpadding="0" cellspacing="0">

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            <div style="text-align: center;"><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">This communication is intended for the sole use of the person to whom it is provided by us.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z574c0d8f2a3944668109fa71a132754b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(*)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>An explanation of the significance of ratings may be obtained from the rating agencies.&#160; Generally, rating agencies base their ratings on such material and information,
              and such of their own investigations, studies and assumptions, as they deem appropriate. The rating of the notes should be evaluated independently from similar ratings of other securities. A credit rating of a security is not a recommendation
              to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za044d120bc6b402d9ccbeaeddebd594f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(**)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Under Rule 15c6-1 of the Exchange Act, trades in the secondary market are generally required to settle in two business days, unless the parties to any such trade
              expressly agree otherwise. Accordingly, purchasers who wish to trade notes on the date of pricing or the succeeding four business days will be required, by virtue of the fact that the notes initially will settle T + 7, to specify an
              alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes on the date of pricing or the succeeding four business days should consult their own advisor.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">The issuer has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and Exchange Commission
      (the &#8220;SEC&#8221;) for the offering to which this communication relates.&#160; Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents the issuer has filed with the SEC for
      more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will
      arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322 or Morgan Stanley &amp; Co. LLC toll-free at 1-866-718-1649.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER
      NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</div>
    <div style="text-align: justify;"> <br>
    </div>
  </div>
  <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">3</font>
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