The Pantry Announces Early Results Of Tender Offer

The Pantry Inc. announced early results of its offer to purchase any and all of its outstanding 7.75% senior subordinated notes due 2014 and solicitation of consents from holders of the notes to effect certain proposed amendments to the indenture governing the notes.

As of 5 p.m. EST on Aug. 2, $198,856,000 in aggregate principal amount of the notes had been validly tendered and not withdrawn in the tender offer. The Pantry Inc. had obtained consents to the proposed amendments from holders representing at least a majority in aggregate principal amount of the notes. Both the Pantry Inc. and the U.S. Bank National Association, as trustee, completed a supplemental deal effecting the proposed amendments to the deal governing the notes.

Holders who validly tendered their notes and provided their consents prior to the early tender deadline will receive total consideration equal to $1,003.75 per $1,000 principal amount of the notes, which includes a $10 payment per $1,000 principal of the notes.

The tender offer is scheduled to expire at 11:59 p.m. EST on Aug. 16 unless extended by the Pantry Inc. The company expects to redeem any and all notes that remain outstanding following consummation of the offer.

The Pantry Inc., headquartered in Cary, N.C., operates 1,589 c-stores in 13 states under banners including the Kangaroo Express as its primary banner.


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