Rallye announces tender offer for 8½% bonds, 7.7% bonds

By Angela McDaniels

Tacoma, Wash., March 17 - Rallye SA said BNP Paribas began a tender offer for the company's 8½% bonds due January 2015 and 7.7% bonds due November 2016.

The amount of bonds to be purchased in the offer is yet to be determined, according to a company news release.

The tender offer results will be known on March 25.

Bonds bought back by BNP Paribas through the tender offer will be transferred to Rallye and then canceled.

The tender offer will be funded with proceeds of a €500 million issue of 4% seven-year bonds.

Banca IMI, BNP Paribas, CM-CIC, Societe Generale, Royal Bank of Scotland and UBS acted as joint bookrunners for the new issue.

BNP Paribas and Royal Bank of Scotland are in charge of the tender offer.

Paris-based Rallye is a food and sporting goods products distributor.

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