Kroger Extends Exchange Offers for Albertsons Notes

By Tamara Parker • Tuesday, October 15 10:19 • Permanent Link

Kroger (NYSE:KR) has extended the expiration date of its exchange offers and consent solicitations for Albertsons Companies, Inc. (NYSE:ACI) notes to October 22, 2024. As of August 29, 2024, the requisite number of consents were received to adopt the proposed amendments with respect to the consented series. The company announced that it has extended the expiration date for the related solicitations of consents to adopt certain proposed amendments to the indentures governing the ACI notes.

The exchange offers include an offer to exchange any and all outstanding ACI notes for up to $7,441,608,000 aggregate principal amount of new notes to be issued by Kroger and cash. Additionally, the consent solicitations are related to the adoption of proposed amendments to the ACI indentures.

Tenders of ACI notes made pursuant to the exchange offers may be validly withdrawn at or prior to the expiration date. The settlement of the exchange offers and consent solicitations is expected to occur promptly after the expiration date and is expected to occur on or promptly after the closing date of the merger. The merger is expected to close during the fourth quarter of calendar year 2024.

The press release noted that all other terms of the exchange offers and consent solicitations remain unchanged, and documents relating to the exchange offers and consent solicitations will only be distributed to eligible holders of ACI notes.

Kroger currently anticipates providing notice of any further extensions to the expiration date in advance. The press release emphasized that the exchange offers and consent solicitations are being made solely pursuant to the offering memorandum and only to such persons and in such jurisdictions as are permitted under applicable law.

Kroger's purpose is "to feed the human spirit™." The company serves over eleven million customers daily through a seamless digital shopping experience and retail food stores under a variety of banner names. The market has reacted to these announcements by moving the company's shares 2.1% to a price of $56.41. For the full picture, make sure to review Kroger's 8-K report.

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