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Buck Acquisition tenders for Dollar General 8 5/8% notes
New York, June 4 - Dollar General Corp. said Buck Acquisition Corp. has begun a tender offer and consent solicitation for its $200 million of 8 5/8% notes due 2010.
Buck Acquisition is indirectly controlled by investment funds affiliated with Kohlberg Kravis Roberts & Co. LP. The tender is being conducted in connection with the planned acquisition of Dollar General by Buck.
Buck is also soliciting consents to amend the notes to eliminate most of the restrictive covenants and some other provisions.
For each $1,000 principal amount of notes, Buck will pay the present value on the payment date of future principal and interest payments discounted using 50 basis points over the bid-side yield to maturity of the 3.625% U.S. Treasury note due June 15, 2010 at 11 a.m. ET on the second business day before the expiration date, minus accrued interest up to but excluding the initial settlement date.
Buck will also pay accrued interest up to but excluding the settlement date.
The total includes a $30.00 per $1,000 principal amount consent payment that will be paid to holders who tender and deliver consents by the consent deadline of 5 p.m. ET on June 15.
The tender ends at midnight ET on June 29.
Buck needs consents from holders of a majority of the notes.
Holders who tender must deliver consents and vice versa.
The tender is subject to conditions including the receipt of enough consents to amend the notes, the satisfaction of all conditions to the acquisition and the receipt by Buck of proceeds from financing transactions.
Goldman, Sachs & Co. is dealer manager and solicitation agent (call collect 212 902-9077 or 800 828-3182). The information agent is D.F. King & Co., Inc. (banks and brokers call 212 269-5550, others 800 488-8095).
Dollar General is a Goodlettsville, Tenn., discount retailer.
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