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ShopKo again extends tender for 9¼% notes due 2022
New York, Sept. 15 - ShopKo Stores, Inc. said it has again extended its tender offer for its $100 million of 9¼% senior notes due 2022.
The offer now expires at 5 p.m. ET on Sept. 29 instead of 9:30 a.m. ET on Sept. 15. It was previously extended from Aug. 24.
As of 9:30 a.m. ET on Sept. 15, holders had tendered $93.7 million of the notes.
ShopKo previously extended the tender on Aug. 24. On Aug. 16, the Green Bay, Wis., retailer said it received the required consents to eliminate restrictive covenants and events of default in the indenture governing the notes.
On Aug. 11, ShopKo upped the payment in the offer to $1,195.00 per $1,000 principal amount from $1,081.86 per $1,000 principal amount, including a consent payment of $50.00 per $1,000 principal amount for those who tendered before the Aug. 15 consent deadline.
The company will also pay accrued interest up to but not including the redemption date.
As already reported, the consent deadline had been extended to 5 p.m. ET on Aug. 15 instead of 5 p.m. ET on July 14 and the expiration was delayed to 5 p.m. ET on Aug. 24 instead of 5 p.m. ET on Aug. 10.
As announced on July 1, the offer is in connection with the already announced acquisition of ShopKo by Badger Retail Holding, Inc. and Badger Acquisition Corp., which are affiliates of Minneapolis-based private equity firm Goldner Hawn Johnson & Morrison Inc.
The tender offer, though, is not a condition of the merger, the company previously said. Badger Retail Holding has obtained sufficient financing commitments, which include borrowings of up to $700 million under either a mortgage facility or a secured term loan facility.
Global Bondholder Services Corp. is the information agent (866 736-2200 or call collect 212 430-3774). Banc of America Securities LLC (888 292-0070 or call collect 212 847-5834) and Morgan Stanley & Co. Inc. are dealer managers.
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