Ingles calls $155 million 5¾% notes due 2023 for redemption Dec. 28

By Wendy Van Sickle

Columbus, Ohio, Nov. 22 – Ingles Markets, Inc. issued a notice to redeem $155 million of its 5¾% senior notes due is 2023, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at 101.917 on Dec. 28.

The redemption will be funded by a new $155 million 10-year amortizing real estate loan, which matures on Jan. 31, 2030. The loan has monthly principal payments of $650,000 and bears interest at Libor plus a floating rate. The company entered into an interest rate swap contract to convert the variable rate to a fixed interest rate of 2.92%.

Ingles Markets is a supermarket chain based in Asheville, N.C.

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