Pantry Reports Results Of Tender Offer

The Pantry announces the final results of its offer to purchase senior subordinated notes.

The Pantry Inc. released its final results of its offer to purchase any and all of its outstanding 7.75% senior subordinated notes due 2014 and solicitation consents from holders of the notes to effect certain proposed amendments to the indenture from governing the notes as the tender offer expired at 11:59 p.m. on Aug. 16.

The Pantry announced that it received tenders from holders of nearly $1 billion in aggregate principal amount of notes, representing 90.2% of the total outstanding principal amount of the notes at or prior to 5 p.m. EST on Aug. 2. The company accepted for purchase and made payment for all such notes on the early settlement date. 

No additional notes were tendered after the early tender deadline and before the expiration date. The remaining $21,724,000 of the notes that were not tendered and purchased remain outstanding and holders are subject to the terms of the indenture governing the notes. The Pantry issued a notice on Aug. 3, and will redeem any of the remaining notes by Sept. 4.

The Pantry Inc., based in Cary, N.C., operates 1,587 convenience stores in 13 states under banners such as Kangaroo Express.


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