The Kroger Co. (NYSE:KR) has announced an extension of the expiration date for the previously announced offers to exchange any and all outstanding notes of Albertsons Companies, Inc. (NYSE:ACI) for up to $7,441,608,000 aggregate principal amount of new notes to be issued by Kroger and cash. The extension moves the expiration date from 5:00 p.m. New York City time on November 20, 2024, to 5:00 p.m. New York City time on November 26, 2024.
As of August 29, 2024, the requisite number of consents were received to adopt the proposed amendments with respect to the consented series, and the relevant parties had executed supplemental indentures to the applicable ACI indentures implementing the proposed amendments.
The settlement of the exchange offers and consent solicitations is expected to occur promptly after the expiration date and is anticipated 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.
Kroger currently anticipates providing notice of any further extension of the expiration date in advance. If, at the expiration date, the conditions to the exchange offers and consent solicitations (other than the consummation of the merger) have been satisfied or waived, then settlement will occur on or about the date that the merger is consummated.
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, the Kroger notes 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.
At the Kroger Co. (NYSE:KR), there are nearly 420,000 associates who serve over eleven million customers daily through a seamless digital shopping experience and retail food stores under a variety of banner names. They are dedicated to their purpose of feeding the human spirit™ and creating #zerohungerzerowaste communities. The market has reacted to these announcements by moving the company's shares -0.6% to a price of $57.72. If you want to know more, read the company's complete 8-K report here.
