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SUPERVALU Offers Senior Notes - Analyst Blog
5/7/2013 12:24:00 PM
SUPERVALU Inc. ( SVU ) recently commenced the sale of a portion of senior notes worth $300 million due on May 1, 2016. The senior notes carry an interest rate of 8.00% and will be sold according to a modified "Dutch Auction" tender offer. The procedure is expected to close on May 30, 2013. As of May 2, 2013, the company had $1.0 billion aggregate principal amount of outstanding notes.
The senior note program will increase the company's liquidity.
Although SUPERVALU's cash and cash equivalents as of Feb 23, 2013
were $72.0 million, down from $155.0 million as of Dec 1, 2012,
its long-term debt and capital lease obligations fell drastically
to $2.8 billion as of Feb 23, 2013 from $6.2 billion as of Dec 1,
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