Ingles Markets driving by with $350 million 10-year notes; price talk in 4 1/8% area

By Paul A. Harris

Portland, Ore., June 14 – Ingles Markets, Inc. plans to price a $350 million offering of 10-year senior notes (existing ratings Ba2/BB) in a Monday drive-by, according to market sources.

Price talk is in the 4 1/8% area, tight to initial guidance in the low-to-mid 4% area.

BofA Securities Inc. is the left bookrunner, Truist Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after five years at par plus 50% of the coupon.

The supermarket chain, which is incorporated in North Carolina, plans to use the proceeds to pay off its 5¾% senior notes due 2023, as well as the outstanding balance under its line of credit.

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