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ConAgra wraps tender offer for floaters due 2018, Ralcorp notes
By Jennifer Chiou
New York, Jan. 29 - ConAgra Foods, Inc. said it has completed the tender offer for its $20 million of floating-rate notes due Aug. 15, 2018 and for the $577.5 million of 7.29% notes due Aug. 15, 2018 and $67 million of 7.39% notes due Aug. 15, 2020 issued by Ralcorp Holdings, Inc.
The company completed its acquisition of Ralcorp on Tuesday.
On Jan. 10, the company terminated the consent solicitation for the securities while also extending the early tender deadline to 5 p.m. ET on Jan. 29 from Jan. 14.
As of the tender deadline, holders validly tendered $20 million of the floaters, $544.5 million of the 7.29% notes and $67 million of 7.39% notes.
The company accepted all tendered notes and will settle on Jan. 31.
In the offer for the floaters, the total purchase price will be $1,012.50 for each $1,000 principal amount of notes tendered by the early tender date.
The total amount includes an early tender payment of $30.00 per $1,000 of notes. Holders also will receive accrued interest to but excluding the settlement date.
All in all, ConAgra Foods will pay $832,592,730 as a cash payment, comprised of $20.25 million for the floaters, $718,936,020 for the 7.29% notes and $93,406,710 for the 7.39% notes.
The offers ended at 5 p.m. ET on Jan. 29. They began on Dec. 31.
The offer was conditioned on completion of the acquisition, but not on the completion of any other offer.
The completion of the acquisition was not subject to a financing condition.
Global Bondholder Services Corp. (866 389-1500 or 212 430-3774 for banks and brokers) was the tender and information agent. Bank of America Merrill Lynch (888 292-0070 or 980 388-3646) was the dealer manager and solicitation agent.
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