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CARY, N.C. -- The Pantry Inc. has priced a $250-million private offering, which will be coupled with borrowings under a new term loan and available cash to repay outstanding term loans and senior subordinated notes.
The $250 million in senior unsecured notes are due 2020. The notes will be sold to investors at a price of 100.000 percent of the principal amount thereof and will bear interest at a rate equal to 8.375 percent per annum, according to the company. The offering is expected to close on Aug. 3, subject to customary closing conditions.
The notes will not be registered under Securities Act of 1933, as amended or the securities laws of any other jurisdiction. Unless they are registered, they may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes will be offered and sold in the United States only to qualified institutional buyers and outside the United States to non-U.S. residents in compliance with Regulation S, the company explained.