Tyson raises loan agreement to $750M

Tyson Foods Inc. has increased its loan agreement with Bank of America to $750 million, up from $500 million agreed upon three years ago.

Details of the loan were included in a document that the Springdale company filed with the U.S. Securities and Exchange Commission on Tuesday afternoon.

The meatpacker agreed to borrow $500 million from the bank on April 7, 2015. On June 8, Tyson entered into an amendment with Bank of America to increase the “Term Loan Agreement” to $750 million. Aside from the increased amount borrowed, terms of the loan remain the same.

In the filing, Tyson agreed to use the funds for “general corporate purposes” and “to fund an acquisition.”

On June 4, Tyson purchased organic chicken producer Tecumseh Poultry LLC for an undisclosed amount. A few days earlier, the company agreed to sell its Sara Lee frozen bakery and Kettle assets.