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Published on 12/20/2012 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Tops cancels tender offer for 10 1/8% notes, to redeem notes Jan. 22

By Marisa Wong

Madison, Wis., Dec. 20 - Tops Holding Corp. and subsidiary Tops Markets, LLC announced on Thursday that, effective immediately, they are withdrawing the cash tender offer for any and all of their $350 million principal amount of 10 1/8% senior secured notes due 2015 and the related consent solicitation.

As a result, no notes will be purchased under the offer and any notes previously tendered will be returned to holders and will remain outstanding.

In addition, the issuers have called all of the notes for redemption on Jan. 22.

The companies launched the tender offer and consent solicitation on Dec. 6. The offer was scheduled to expire at 11:59 p.m. ET on Jan. 4.

The companies sought consents from holders representing at least 75% principal amount of the outstanding notes to release the collateral securing the notes and guarantees and to amend the indenture governing the notes and related collateral documents, according to a prior press release.

Holders could not tender their notes without delivering consents or deliver consents without tendering their notes.

The total purchase price was to be $1,055.63 per $1,000 principal amount of notes, which would have included a $10 consent payment for notes tendered by the consent expiration date, 5 p.m. ET on Dec. 19. Settlement for these notes could have occurred as early as Dec. 20.

Holders who tendered after the consent expiration would have received $1.045.63 per $1,000 principal amount of notes.

The company had said it would also pay accrued interest from the most recent interest payment date to but not including the applicable payment date.

The depositary and information agent is D.F. King & Co., Inc. (800 431-9643 or 212 269-5550 for banks and brokers). Bank of America Merrill Lynch (888 292-0070 or collect 646 855-3401) is the dealer manager and solicitation agent.

Tops is a Williamsville, N.Y.-based supermarket retailer in the upstate New York market.


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