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Prospect News home > News index > List of issuers G > Headlines for Great Atlantic & Pacific Tea Co., Inc. (A&P) > News item |
A&P to go on road with $225 million 10-year notes Dec. 7-14, pricing Dec. 17
By Paul A. Harris
St. Louis, Mo., Nov. 29 - The Great Atlantic & Pacific Tea Co., Inc. will go on the road with an off-the-shelf offering of $225 million of 10-year senior notes starting Dec. 7, a source close to the deal told Prospect News. The roadshow will run through Dec. 14 with pricing set for Dec. 17 via bookrunner via Lehman Brothers.
The notes are non-callable for five years.
A&P announced a tender offer on Nov. 14 for its outstanding 7.7% notes due Jan. 15, 2004.
Subsequently A&P vice president of Treasury Services William Moss told Prospect News that the tender would result in new high yield issuance. "We are basically trying to extend the capitalization of the company by issuing new debt, and calling in the '04s," Moss said.
A&P, which is headquartered in Montvale, N.J., operates 743 stores in 15 states, the District of Columbia and Ontario, Canada under trade names including A&P, Waldbaum's, Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Kohl's, Sav-A-Center, Dominion, The Barn Markets, Food Basics and Ultra Food & Drug.
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