Kroger-Albertsons Merger: Kroger Extends Expiration Date for $7.44 Billion Note Exchange Offer

Kroger Co. has announced an extension of the expiration date for its previously announced offers related to Albertsons Cos. Inc. and its subsidiaries, including New Albertsons LP, Safeway Inc., and American Stores Co. LLC. The offers involve the exchange of outstanding notes worth up to $7.44 billion in aggregate principal amount. These new notes will be issued by Kroger, alongside a cash component, as part of the company’s strategic alignment following the merger with Albertsons.

The extension also applies to related consent solicitations, which seek to implement amendments to the indentures governing the Albertsons notes. Specifically, these amendments pertain to the unconsented series, as outlined in Kroger’s press release on Sept. 11, 2024. Initially, the expiration date for the note exchange was set for Oct. 22, 2024, but Kroger has now pushed it to Oct. 28, 2024, at 5 p.m. Eastern Time.

This development follows ongoing negotiations and regulatory reviews concerning the Kroger-Albertsons merger, a deal that has attracted significant attention in the retail and grocery industries. The extension of the deadline allows for more time to secure the necessary approvals and complete the financial adjustments tied to the merger.

By offering new notes and cash, Kroger aims to restructure Albertsons’ existing debt while solidifying its financial position as the two companies merge. The outcome of this extension will be closely watched by investors and analysts as they assess the long-term implications of the merger on the competitive landscape of the U.S. grocery sector.

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