By Riad Beladi
Cincinnati, September 20, 2024 – Kroger, one of the largest supermarket chains in the United States, has announced an extension to its offer to exchange outstanding notes from Albertsons Companies, Inc. (ACI). The new deadline has been moved from September 23 to September 27, 2024.
This extension applies to both the offer to exchange ACI notes for new Kroger notes and cash, as well as the related consent solicitation to change certain terms of the ACI notes. These changes, if approved, will only take effect once Kroger and ACI complete their planned merger, which is expected to happen by the end of 2024.
Kroger has already received enough consents to move forward with some changes to the ACI notes, but these amendments will only become official once the merger is completed. Anyone holding ACI notes has until the new deadline to participate in the exchange or withdraw their notes.
The completion of the exchange and the merger is subject to several conditions, but the merger itself does not depend on the completion of the exchange offer. The merger between Kroger and ACI is expected to close by the fourth quarter of 2024, and the company may extend the offer further if needed.
For those interested in the offer, more information is available through Kroger’s offering memorandum, but only certain eligible investors will have access to these documents.
About Kroger
Kroger is dedicated to its mission of “Feeding the Human Spirit.” With nearly 420,000 employees, the company serves over 11 million customers every day across the U.S. through its various grocery store brands. Kroger is also committed to creating sustainable communities through its “#ZeroHungerZeroWaste” initiative.
Forward-Looking Statements
This announcement includes forward-looking statements, which are subject to various risks and uncertainties. Many factors, such as changes in the financial market, the economy, or unforeseen events, could cause actual outcomes to differ from these expectations. More details on these risks can be found in the offering memorandum and Kroger’s most recent financial reports.
