Supervalu Inc. (SVU) announced the private offering of $400 million aggregate principal amount of its senior notes due 2021. The company intends to use the net proceeds of the private placement in connection with the previously announced tender offer by the company for its 8.000% Senior Notes due 2016.
Separately, Supervalu announced the Early Tender Time results and the determination of the Total Consideration, for its previously announced modified "Dutch Auction" tender offer to purchase up to $300 million aggregate principal amount of its outstanding 8.000% Senior Notes due 2016.
Supervalu also announced that it has increased the Tender Cap from $300 million to $372.02 million, and amended the "Financing Condition" as set forth in the Offer to Purchase such that the New Notes Offering must result in the issuance of a minimum aggregate principal amount of $372.02 million of unsecured debt securities of Supervalu, instead of the previous minimum aggregate principal amount of $300 million.
As of 12:00 midnight, New York City time, at the end of May 15, 2013, $372.02 million aggregate principal amount of Notes were validly tendered and not validly withdrawn.
The Withdrawal Deadline for the Offer was 12:00 midnight, New York City time, at the end of May 15, 2013, and has not been extended. The Offer will expire at 12:00 midnight, New York City time, at the end of May 30, 2013, unless extended or earlier terminated by Supervalu in its sole discretion.
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