Hershey begins cash tender for $150 million of 6.95% notes due 2012

By Devika Patel

Knoxville, Tenn., Dec. 8 - Hershey Co. said it will launch a cash tender offer for all of its $150 million outstanding 6.95% notes due Aug. 15, 2012.

Investors who tender their notes by 11:59 p.m. ET on Dec. 14, the expiration date, will receive the full tender offer consideration, which will be calculated by the dealer managers at 2 p.m. ET on Dec. 14.

The amount will be determined by reference to the bid-side yield of the 4⅜% Treasury security due Aug. 15, 2012 plus 20 basis points.

Holders also will receive interest on the notes from the last interest payment date up to, but not including, the payment date.

Notes may be withdrawn until 11:59 p.m. ET on Dec. 14.

The offer is conditioned upon the company completing its concurrent public notes offering.

Bank of America Merrill Lynch (888 292-0070 and collect 646 855-3401) or UBS Investment Bank (888 719-4210 and collect 203 719-4210) are the dealer managers. Global Bondholder Services Corp. (866 470-3900 or collect 212 430-3774) is the information agent.

The chocolate and confectionary products company is based in Hershey, Pa.

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