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The Pantry would pay back the loan in 2020. The company said in a news release it will use the money borrowed to repay its outstanding term loans and current senior subordinated notes.
In correlation to that statement, the parent of Kangaroo Express also announced a plan to pay back holders of its outstanding 7.75-percent yield senior subordinated notes that will come due in 2014.
According to The Pantry, it will pay $1,0003.75 per $1,000 principal amount of the notes, as well as any accrued interest, for those who tender their notes now.
The deadline for the early tender offer is Aug. 16 at 11:59 p.m. New York City time.
The c-store chain is expected to begin making early tender note payments on Aug. 3.
The Pantry also added it would allow bondholders to tender their notes after Aug. 16. However, those who tender after Aug. 16 -- but before a to-be determined deadline -- will be paid $993.75 per $1,000 principal amount of the notes.
The Pantry stressed it plans to redeem "any and all notes that remain outstanding following consummation of the tender offer."