The Great Atlantic & Pacific Tea Company, Inc. Announces Proposed Offering of $225 Million of Senior Secured Notes due 2015
July 23 2009 - 9:27AM
Business Wire
The Great Atlantic & Pacific Tea Company, Inc. (A&P
or the Company) (NYSE:GAP) today announced that, subject to
market and other conditions, it plans to offer $225 million
aggregate principal amount of senior secured notes due 2015 (the
�Notes�). The Notes will be second lien secured obligations of
A&P, guaranteed by all of the Company�s domestic subsidiaries.
The Notes will bear interest at a fixed rate payable semi-annually
in cash. A&P intends to use all of the net proceeds of the
offering to repay borrowings under its existing credit facility and
for general corporate purposes.
The Notes are being offered only to qualified institutional
buyers in reliance on Rule 144A under the Securities Act of 1933,
as amended (the �Securities Act�), and outside the United States,
only to non-U.S. investors pursuant to Regulation S. The Notes have
not been registered under the Securities Act or the securities laws
of any other jurisdiction and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration requirements.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. Any offers of the
securities will be made only by means of a private offering
memorandum.
Forward-looking Statements
This press release includes �forward-looking statements� within
the meaning of Section�27A of the Securities Act and Section�21E of
the Securities Exchange Act of 1934, as amended. All statements
included herein, other than statements of historical fact, may
constitute forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. These forward-looking
statements are subject to uncertainties and other factors that
could cause actual results to differ materially from such
statements. These uncertainties and factors are disclosed in the
risk factors contained in the Company�s Quarterly Report on Form
10-Q for the quarter ended June 20, 2009, filed with the Securities
and Exchange Commission on July 23, 2009. All forward-looking
statements are expressly qualified in their entirety by such
factors.
About The Great Atlantic & Pacific Tea Company,
Inc.
Founded in 1859, A&P is one of the nation's first
supermarket chains. The Company operates 435 stores in 8 states and
the District of Columbia under the following trade names: A&P,
Waldbaum's, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food
Emporium, Super Foodmart, Super Fresh and Food Basics.
Management undertakes no obligation to correct or update any
forward-looking statements, whether as a result of new information,
future events, or otherwise. Persons are advised, however, to
consult any further disclosures management makes on related
subjects in its reports filed with the SEC and in its press
releases.
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