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Pantry settles tenders for 90.2% of 7¾% notes; $21.72 million called
By Susanna Moon
Chicago, Aug. 17 - Pantry, Inc. said it received total tenders and consents for $199,856,000, or 90.2%, of its 7¾% senior subordinated notes due 2014 in the offer that ended at 11:59 p.m. ET on Aug. 16.
The company received no more tenders since the early tender deadline of 5 p.m. ET on Aug. 2.
After settlement on Aug. 3, there was $21,724,000 of the notes outstanding.
The company called the remaining notes for redemption on Sept. 4, according to a company press release. The call was issued on Aug. 2.
Pantry said on Aug. 3 that it executed a supplemental indenture, which became operative on the payment date.
As previously announced, Pantry solicited consents to amend the notes to eliminate most of the restrictive covenants.
The total purchase price was $1,003.75 per $1,000 principal amount of notes, including a consent premium of $10.00 for notes tendered by the early tender deadline.
Holders also received accrued interest up to but not including the payment date.
The offer was conditioned on the completion of one or more financing transactions with enough proceeds to fund the offer. The consent solicitation was conditioned on receiving consents from holders of a majority of the notes, but the tender offer was not conditioned on receipt of those consents, a previous release noted.
Notes purchased under the offer will be canceled.
The dealer managers are Bank of America Merrill Lynch (888 292-0070 or collect 646 855-3401) and Wells Fargo Securities (866 309-6316 or collect 704 715-8341). The information agent is Global Bondholder Services Corp. (866 924-2200 or collect 212 430-3774).
Pantry is a Cary, N.C.-based operator of a chain of convenience stores.
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