Pantry Announces Pricing of $250 Million Senior Unsecured Notes Offering
Also announces it has raised $1 million first three weeks of Salute Our Troops campaign
Published in CSP Daily News
CARY, N.C. -- Convenience retailer The Pantry Inc. has announced that it has priced its private offering of $250 million in senior unsecured notes due 2020. The notes will be sold to investors at a price of 100.000% of the principal amount thereof and will bear interest at a rate equal to 8.375% per annum.
The offering is expected to close on Aug. 3, 2012, subject to customary closing conditions, the company said.
The company intends to use the proceeds from the offering, together with borrowings under a new term loan and available cash, to repay its outstanding term loans and senior subordinated notes.
In other company news, The Pantry has announced that it raised $1 million in just the first three weeks of its "Salute Our Troops" campaign. Through The Pantry's more than 1,600 Kangaroo Express stores across 13 states, store guests and communities have demonstrated support for military personnel and their families.
Every penny of the $1 million raised can be attributed to incremental dollar donations made at Kangaroo Express checkout counters. Donations from the campaign will support the USO, lifting the spirits of America's troops and their families; Wounded Warrior Project, honoring and empowering injured servicemen and women; and six state-based military support organizations.
In its inaugural year, the 2011 Salute Our Troops campaign raised $2.5 million dollars, breaking fundraising records for many beneficiary organizations, including the largest grassroots fundraising initiative in the USO's 70-year history. In that year, the $1 million milestone was reached after five weeks of fundraising.
The six state-based organizations benefiting cover five states throughout the Southeast and include the Enlisted Association of National Guard of Tennessee Auxiliary Soldier Airman Relief Fund Inc., Florida National Guard Foundation, Georgia National Guard Family Support Foundation, North Carolina National Guard Soldiers and Airmen Assistance Fund, South Carolina Military Family Care Association, and the United States Veterans Corps based in North Carolina.
Salute Our Troops celebrations started in Jacksonville, Fla., and will continue to be held at Kangaroo Express stores throughout the southeastern United States led by the Salute Our Troops Caravan.
Celebrations include custom patriotic vehicles and the Salute Our Troops Command Center, where store guests will add their own voice of gratitude with "shout outs" of pride and appreciation. Many will be showcased on the Salute Our Troops website at www.KESalute.com to share with troops and families around the world.
Based in Cary, N.C., The Pantry is the leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country. The company operates 1,590 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner.