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C&S Group marks tenders for 61.7% of 8 3/8% notes at early deadline
By Jennifer Chiou
New York, July 10 – C&S Group Enterprises LLC said it accepted early tenders for $148.1 million, or 61.7%, of its 8 3/8% senior secured notes due 2017.
The tenders were received by 5 p.m. ET on July 9, the early tender date.
The total purchase price was $1,045.38 for each $1,000 principal amount of notes, plus accrued interest.
As reported, those who tender after the early deadline will receive $1,041.88 per $1,000 principal amount.
The company said that will redeem any notes that remain outstanding following the offer on Aug. 11 at a redemption price of $1,041.88 for each $1,000 principal amount of notes, plus accrued interest.
C&S Group also announced that it closed a private placement of $400 million of 5 3/8% senior secured notes due 2022. Proceeds will be used to fund the offer and the redemption.
The tender offer will end at midnight ET on July 23.
J.P. Morgan Securities LLC (800 245-8812) is the dealer manager. D.F. King & Co., Inc. (212 269-5550 or 888 644-5854) is the information agent.
C&S Group is a Keene, N.H.-based wholesale grocery distributor.
The issuer’s members are C&S Wholesale Grocers, Inc., GU Markets LLC, ES3, LLC, Surry Licensing LLC and Warehouse Technologies LLC, collectively the parent guarantors.
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