Ingles Markets to sell $500 million Rule 144A eight-year senior notes

By Paul A. Harris

St. Louis, April 28 - Ingles Markets, Inc. will host a Wednesday investor call for its $500 million offering of eight-year senior notes, according to an informed source.

The Rule 144A with registration rights deal is expected to price on Thursday afternoon or Friday morning.

Banc of America Securities LLC and Wachovia Securities LLC are joint bookrunners.

Credit ratings remain to be determined.

The notes come with four years of call protection and a change-of-control put at 101%.

Proceeds will be used to fund the tender for the company's existing 8 7/8% senior subordinated notes due 2011, as well as to repay other debt, to fund capital expenditures and for general corporate purposes.

The prospective issuer is an Asheville, N.C., supermarket chain with operations in six southeastern states.

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