Kroger Co. (NYSE:KR) has announced the extension of the expiration date of the exchange offers and consent solicitations for Albertsons Companies, Inc. notes. As of August 29, 2024, the company received the requisite number of consents to adopt the proposed amendments with respect to the consented series. This resulted in the execution of supplemental indentures to the applicable Albertsons Companies, Inc. indentures implementing the proposed amendments. The settlement of the exchange offers and consent solicitations is expected to occur promptly after the extended expiration date, which has been changed to 5:00 p.m. New York City time on September 27, 2024.
The exchange offers involve any and all outstanding notes of Albertsons Companies, Inc. for up to $7,441,608,000 aggregate principal amount of new notes to be issued by Kroger Co. and cash. The offers are being made pursuant to the terms and conditions described in the offering memorandum, and are conditioned upon the closing of the merger of a wholly owned subsidiary of Kroger Co. with and into Albertsons Companies, Inc., with Albertsons Companies, Inc. surviving the merger as a direct, wholly owned subsidiary of Kroger Co.
The company anticipates providing notice of any further extension of the expiration date in advance. The completion of the merger is not conditioned upon the completion of the exchange offers or consent solicitations, and the settlement of these transactions is expected to occur on or promptly after the closing date of the merger, which is expected to occur during the fourth quarter of calendar year 2024.
The Kroger notes offered in the exchange offers have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, they may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws. Today the company's shares have moved 0.8% to a price of $55.27. Check out the company's full 8-K submission here.
