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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.