FINANCE

The Pantry announces debt refinancing

BY Staff Writer

Cary, N.C. — The Pantry said Thursday that it is pursuing debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes.

The senior secured facilities are expected to consist of a revolving credit facility of up to $225 million to replace the company’s current revolving facility and a $255 million term loan. The company said it intends to use the proceeds from the new term loan and senior notes, together with available cash, to repay its outstanding term loans and senior subordinated notes, the aggregate outstanding amount of which is approximately $598 million.

The Pantry said it expects to complete the transactions during this fiscal year, which ends on Sept. 27.

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J.Smith says:
Nov-14-2012 11:19 am

Good thing
Refinancing is a really good option. Unfortunately not to many average people know about this option or they simply for some unknown reason fail to trun to it. From one side refinancing is extending your credit period and therefore you overpay more than your original amount would have been. But on the other side it gives some time for reliefe. So it is a definitely good thing that the Pantry decided to go with debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes. I hope it will help them a lot. Jason from: http://bit.ly/N1y0Iq

J.Smith says:
Nov-14-2012 11:19 am

Refinancing is a really good option. Unfortunately not to many average people know about this option or they simply for some unknown reason fail to trun to it. From one side refinancing is extending your credit period and therefore you overpay more than your original amount would have been. But on the other side it gives some time for reliefe. So it is a definitely good thing that the Pantry decided to go with debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes. I hope it will help them a lot. Jason from: http://bit.ly/N1y0Iq

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REAL ESTATE

Mosaic mixed-use development to open in September

BY Katherine Boccaccio

Washington, D.C. — Columbia, S.C.-based Edens said Wednesday that its new mixed-use development Mosaic will open this September in Washington, D.C.

The 31-acre project will create an urban district in the heart of Fairfax, Va., and will feature Angelika Film Center, Mom’s Organic Market, Last Call by Neiman Marcus, Black’s Bar & Kitchen, Target, Artisan Confections, Bellacara, Cava Mezze, Cyclone Anaya’s, Dolcezza, Red Apron Butchery, Dawn Price Baby, Matchbox, MyEyeDr., Lou Lou Boutique, sweetgreen, Taylor Gourmet, Paper Source, Eagle Bank and Hyatt House.

Phase one, opening in September, will include 350,000 sq. ft. of retail, an 8-screen boutique cinema, a 150-room boutique hotel, 73,000 sq. ft. of Class A office space, a 1-acre park and LEED certified buildings.

The overall project will include 500,000 sq. ft. of retail, 1,000 residential units, a 150-room boutique hotel, 4,000 parking spaces (4 above grade parking garages) and 2 parks.

Development partners of Mosaic are AvalonBay; EYA; and Lodgeworks.

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Dec-19-2012 11:54 am

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Dec-19-2012 11:54 am

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Nov-27-2012 04:00 am

Phase one, opening in
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Nov-27-2012 04:00 am

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FINANCE

Supervalu Q1 profit plunges, initiates strategic review

BY Katherine Boccaccio

Minneapolis — Grocery giant Supervalu Inc. reported Wednesday that profit for the quarter ended June 16 plummeted 45% to $41 million, compared with $74 million in the year-ago period. The struggling parent to Albertsons, Jewel-Osco and Save-A-Lot grocery banners, among others, had begun to show improvement in its fourth quarter, but tumbling revenues have halted the forward momentum.

Sales dropped to $10.59 billion, from $11.11 billion in the same period last year, and missed Wall Street’s forecasted $10.61 billion in revenue.

CEO Craig Herkert, the former Wal-Mart Stores executive who joined the company in 2009 to effect turnaround efforts, said that SuperValu will suspend its dividend and review its options, which he emphasized, do not include bankruptcy. However, although the company has not made an announcement regarding a sale, a strategic review typically involves considering selling the company.

In the meantime, Herkert emphasized that the grocer will enact aggressive price-cutting measures and concentrate on paying down debt and investing in its stores.

"These are bold but necessary moves, which will position Supervalu for success in this increasingly competitive environment," Herkert said in a statement.

Part of the plan calls for cutting capital spending to a range of $450 million to $500 million from $675 million. The company said it still expects to complete approximately 40 store remodels and increase Save-A-Lot’s store count by approximately 40 stores, including licensed locations.

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