US: Supervalu announces $500m senior notes offering
US supermarket group Supervalu has today (30 April) announced its intention to offer US$500m of its senior notes due 2016.
The notes will be senior unsecured obligations and will rank equally with all of Supervalu's other senior unsecured indebtedness, the company said. The offer is also subject to market and other conditions.
Supervalu intends to use the net proceeds of the offering to fund "all or a portion" of the purchase price of its 7.875% and 6.95% notes due 1 August 2009 issued by subsidiary New Albertson's, and the 8.35% senior notes due 1 May 2010.
Currently, $350m of the Supervalu 2009 notes, $350m of the Albertson's 2009 notes and $275m of the Albertson's 2010 notes are outstanding.
If the offer is not consummated, Supervalu said it intends to use the net proceeds for general corporate purposes, including the repayment of debt, whether at maturity, through open market purchases, privately negotiated transactions or otherwise.
The closing of the sale of any notes is subject to Supervalu's acceptance of the final terms available for the notes and customary closing conditions.
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