USA: Fleming completes sale of US$260m 10-year senior subordinated notes
Dallas-based distribution giant Fleming Co has completed the sale of US$260m of Senior Subordinated Notes due 1 May 2012. The notes were sold with a 9-7/8% coupon at a price at issue of 98.436% to yield 10-1/8%. The net proceeds of the offering will be used to redeem Fleming's currently outstanding US$250m 10-1/2% senior subordinated notes due 2004. Fleming issued a formal Notice of Redemption for the 2004 notes yesterday [Monday].
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