Delhaize sets pricing in tender for $300 million of 5.875% notes

By Jennifer Chiou

New York, Nov. 29 - Delhaize Group announced the pricing terms for its cash tender offer for its $300 million of outstanding 5.875% senior notes due Feb. 1, 2014.

The purchase price is $1,059.45 per $1,000 principal amount. Pricing was calculated at 11 a.m. ET on Nov. 29 and was determined by reference to a fixed spread of 50 basis points over the reference yield based on the bid-size price of the 0.25% U.S. Treasury note due Jan. 31, 2014.

The reference yield was 0.223%.

The offer was to expire at 5 p.m. ET on Nov. 29.

Settlement is expected on Dec. 3.

As reported, the company plans to redeem any notes that remain outstanding after completion of the tender offer.

Bank of America Merrill Lynch (888 292-0070 or collect 980 387-3907) and J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-2494) were the dealer managers. D.F. King & Co., Inc. (800 290-6427 or banks and brokers call 212 269-5550) was the information and tender agent.

Delhaize is a food retailer based in Brussels. It launched the offer on Nov. 20.

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