Dollar General Corp. (DG) Monday announced an offering of $1.3 billion of senior notes due 2018 and senior notes due 2023.
The company expects to enter into new senior unsecured credit facilities, concurrent with and conditioned upon the issuance of the notes.
These facilities consist of a $1.0 billion five-year term loan facility and an $850 million five-year cash-flow based revolving credit facility which is expected to be undrawn at closing.
The offering of the notes is not conditioned upon completion of the new credit facilities and related refinancing.
Net proceeds from the sale of the notes, together with term loan borrowings under the new senior unsecured credit facilities, will be used to repay outstanding borrowings under the existing senior secured credit facilities, to pay related fees and expenses and for general corporate purposes.
BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., J.P. Morgan, US Bancorp and Wells Fargo Securities are serving as joint book-running managers for the offering.
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