The Pantry Announces Planned Debt Refinancing
The Pantry, Inc. (NASDAQ: PTRY) announced today 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 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.
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