Gristede's Foods starts roadshow for $150 million seven-year units

By Paul A. Harris

St. Louis, July 17 - Gristede's Foods, Inc. began the roadshow Thursday for an offering of $150 million of units, according to a market source.

The roadshow is expected to run into the later part of the week of July 21.

The New York City-area supermarket chain operator is offering 150,000 units made up of notes and warrants, according to a market source.

Proceeds from the seven-year notes, which will be sold with warrants to buy common stock, are expected to total approximately $150 million.

Jefferies & Co. is the bookrunner for the Rule 144A deal

The company intends to use the proceeds to fund the acquisition of Kings Super Markets, repay debt and for general corporate purposes.

Gristede's attempted to sell $175 million of 10-year senior notes last year but postponed the offering in July citing market conditions.

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