US: Ingles Markets tender offer expires

By: just-food.com | 28 May 2009

US retailer Ingles Markets has today (28 May) issued the final results of its tender offer and consent solicitation for its 8 7/8% senior subordinated notes due 2011.

The offer expired at 11:59 pm., New York City time, on 26 May, the retailer said.

As of the expiration date, tenders and consents had been received from holders of US$335.8m in aggregate principal amount, representing around 96% of the outstanding notes.

The company has elected to redeem the remaining outstanding notes on 1 June 2009, at a redemption price of 101.369%.

Ingles Markets posted a drop in second-quarter sales in April as a result of higher costs associated with the company's accelerated store development.

For the period ended 28 March, net income dropped to US$7.8m from $13m in the same period of 2008.

Sectors: Retail