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.