Delhaize tenders for up to $1.1 billion of securities

By Jennifer Chiou

New York, May 30 - Delhaize Group said that Delhaize America, Inc., its wholly owned subsidiary, launched a cash tender offer for up to $1.1 billion of its debt.

Affected securities include Delhaize America's $1.1 billion of 8 1/8% notes due 2011, $855 million of 9% debentures due 2031 and $126 million of 8.05% notes due 2027.

The early tender deadline is 5 p.m. ET on June 12. The offer expires at midnight ET on June 26.

Pricing will be fixed at 11 a.m. ET on June 12.

The Brussels, Belgium, international food retailer said it will finance the offer with about $1.1 billion obtained through the private placement of two series of senior notes. The new issue is a condition of the tender.

Delhaize said it plans to offer euro-denominated senior notes due 2014 and dollar-denominated senior notes due 2017.

Remaining proceeds, if any, will be used for general corporate purposes.

Banc of America Securities LLC (866 475-9886 or call collect 704 386-3244 or 44 20 7174 4313) and Merrill Lynch & Co. (888 654-8637 or call collect 212 449-4914 or 44 20 7995 3715) are the dealer managers. Global Bondholder Services Corp. (call collect 212 430-3774 or 866 807-2200) is the information agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.