Land O'Lakes looking to redeem 8¾% notes, 9% notes in refinancing

New York, Oct. 5 - Land O'Lakes, Inc. said it is considering redeeming its 8¾% senior notes due 2011 and 9% senior secured notes due 2010 as part of a refinancing.

No final decisions have been made, the company said, but it if goes ahead then holders will have 30 to 60 days' notice, as required by the indentures. A total of $324 million of notes is currently outstanding.

Funding would likely come from a new revolver and term loan.

Again, final decisions have not been made, but Land O'Lakes said in an 8-K filing with the Securities and Exchange Commission that it is looking at a $700 million facility.

In addition to fund the redemption of the notes, the facility would also replace the company's existing revolver.

Land O'Lakes is an Arden Hills, Minn.-based food and agricultural cooperative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.