Albertsons’ subsidiaries increase caps, post early tender results

By Wendy Van Sickle

Columbus, Ohio, May 22 – Albertsons Cos., Inc. announced the early results and an increase in the maximum tender amounts of its previously announced capped tender offers for seven series of notes issued by its Safeway Inc. and New Albertsons LP subsidiaries, according to a company news release.

The early tender date was 5 p.m. ET on May 22, having been extended from May 17.

The final tender date is 11:59 p.m. ET on June 6, having been extended from June 3.

The company announced the following early results and increased caps:

• $26,271,000 of the $289,119,000 of 7¼% debentures due 2031 issued by Safeway for a total consideration of $953.75 per $1,000 principal amount. The $30 million cap is unchanged;

• $6.92 million of the $127,193,000 of 7.45% debentures due 2027 issued by Safeway for a total consideration of $966.25. The $15 million cap is unchanged;

• $60,946,000 of the $117,572,000 of 6 5/8% medium-term notes due 2028 issued by New Albertsons for a total consideration of $875.00. The tender cap was raised to $61,946,000 from $15 million;

• $179,902,000 of the $542,561,000 of 7.45% senior debentures due 2029 issued by New Albertsons for a total consideration of $957.50. The tender cap was raised to $180,902,000 from $60 million;

• $42.17 million of the $157,696,000 of 7¾% debentures due 2026 issued by New Albertsons for a total consideration of $961.25. The tender cap was raised to $43.17 million from $20 million;

• $79,042,000 of the $384.99 million of 8% senior debentures due 2031 issued by New Albertsons for a total consideration of $961.25. The tender cap was raised to $80,042,000 from a $40 million; and

• $40,494,000 of the $197,751,000 of 8.7% senior debentures due 2030 issued by New Albertsons for a total consideration of $1,000.00. The tender cap was raised to $41,494,000 from $20 million.

The company will also pay accrued interest up to the settlement date, which is expected to be May 24 for the early tenders.

BofA Securities Inc. (888 292-0070 or 980 388-4813) is the dealer manager.

Global Bondholder Services Corp. (866 470-3900 or 212 430-3774) is the tender and information agent.

Albertsons is a food and drug retailer based in Boise, Idaho.

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