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Land O'Lakes retires $44 million of 8¾%, 9% notes in November, December
By Susanna Moon
Chicago, Feb. 24 - Land O'Lakes, Inc. made open market purchases and retired $25.3 million of its 9% senior secured notes in December and $18.7 million of its 8¾% senior unsecured notes in November and December, according to a 10-K filing with the Securities and Exchange Commission.
The company said its $350 million of 8¾% notes due Nov. 15, 2011 became callable in November 2006 at 104.375%. In November 2007, the redemption price fell to 102.917% and in November 2008, the redemption price dropped to 101.458%. The notes are callable at par beginning in November 2009.
In September 2005, $3.8 million of the notes were tendered, which required a par offer in August 2005 as a result of receiving cash proceeds from the sale of the company's investment in CF Industries.
In November 2005, the issuer completed a modified Dutch auction cash tender for the notes and purchased $149.7 million principal amount of the notes at $1,070 per $1,000 principal amount.
In April 2007, after receiving proceeds from the sale of the company's Cheese & Protein International LLC subsidiary, it launched a par offer for the notes and $2.7 million of notes were tendered.
The $175 million of 9% notes due Dec. 15, 2010 became callable in December 2007 at 104.5%. In December 2008, the redemption price was 102.25%. The notes are callable at par beginning in December 2009. The balance outstanding for these notes at Sept. 30, 2008 was $175 million.
Under terms of the 8¾% notes and the 9% notes, the company may buy the notes in the open market. In August 2007, the company purchased an additional $1.1 million of its 8¾% notes. The balance outstanding for the notes at Sept. 30 was $192.7 million.
The issuer is an Arden Hills, Minn.-based food and agricultural cooperative.
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