Dallas-based distribution giant Fleming Co has completed the sale of US$260m of Senior Subordinated Notes due 1 May 2012.
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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].
The Senior Subordinated Notes will not be, and have not been, registered under the Securities Act of 1933, as amended, and unless so registered, may not be offered or sold in the US except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
