By Lisa Kerner
Charlotte, N.C., Feb. 25 - Arden Group, Inc. issued $75 million of 10½% senior notes due 2022 in conjunction with its completed merger with GRSCY Holdings, Inc. subsidiary GRCY Acquisition, Inc. on Feb. 19.
GRSCY Holdings and its subsidiaries, subject to some exceptions, guarantee the notes.
Interest on the notes is payable quarterly on March 31, June 30, Sept. 30 and Dec. 31 of each year beginning June 30, according to an 8-K filing with the Securities and Exchange Commission.
Arden may redeem the notes, in whole or in part, at its option and on one or more occasions at a redemption price equal to par plus an applicable premium and accrued interest.
There is a change-of-control put option at 101% of par.
Arden is a Compton, Calif.-based operator of specialty grocery stores.
| Issuer: | Arden Group, Inc.
|
| Guarantors: | GRSCY Holdings, Inc. and subsidiaries
|
| Issue: | Senior notes
|
| Amount: | $75 million
|
| Maturity: | Feb. 19, 2022
|
| Coupon: | 10½%
|
| Call option: | At par plus applicable premium
|
| Put option: | At 101 upon a change of control
|
| Settlement date: | Feb. 19
|
| Distribution: | Private placement
|
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