Printer Friendly

AMERICAN STORES ANNOUNCES NOTE OFFERING

 AMERICAN STORES ANNOUNCES NOTE OFFERING
 SALT LAKE CITY, March 24 /PRNewswire/ -- American Stores Co.


(NYSE: ASC) announced today that it has priced a public offering of $250 million of 9 1/8 percent notes due April 1, 2002, at 99.484 percent to yield 9.205 percent. The company increased the amount of the notes it anticipated offering by $50 million to $250 million.
 The issue was priced at a spread of 162.5 basis points above the 10-year Treasury note. The notes are not redeemable prior to maturity. The notes were preliminarily rated BBB- by Standard & Poor's Corp., Ba1 by Moody's Investors Services Inc., and BBB by Fitch Investor Services. The underwriters for the notes are Lehman Brothers and J.P. Morgan Securities Inc.
 The net proceeds of the offering will be used to repay a portion of indebtedness under the company's principal bank credit agreement. The issuance of the notes enables the company to convert floating rate debt to fixed rates and to extend its debt maturity schedule, thereby making more of the company's operating cash flow available for capital expenditures and working capital.
 -0- 3/24/92
 /CONTACT: Cal Drecksel (investors) or Troy D'Ambrosio (media) of American Stores, 801-539-0112/
 (ASC) CO: American Stores Co. ST: Utah IN: REA SU: OFR


AL-JL -- LA032 -- 1310 03/24/92 18:26 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 24, 1992
Words:222
Previous Article:THE PHOENIX RESOURCE COMPANIES, INC. ANNOUNCES RESULTS
Next Article:AMRE ANNOUNCES ELECTION OF TWO NEW DIRECTORS AND DECLARES REGULAR QUARTERLY DIVIDEND
Topics:


Related Articles
AMERICAN STORES CO. ANNOUNCES MEDIUM-NOTES PROGRAM
THE PENN TRAFFIC COMPANY FILES REGISTRATION STATEMENT RELATING TO $100 MILLION SENIOR NOTE OFFERING
AMERICAN STORES EXECUTES AGREEMENT TO SELL 74 JEWEL/OSCO STORES
AMERICAN STORES EXECUTES AGREEMENT TO SELL 74 JEWEL/OSCO STORES
SHOPKO ANNOUNCES OFFERING OF SENIOR NOTES
AMERICAN STORES CO. ANNOUNCES COMPLETION OF SALE OF 74 JEWEL OSCO STORES
THE BANKER'S NOTE, INC. JOINS EMERGING COMPANY MARKETPLACE AT AMEX; COMPANY MARKETS LADIES' CAREER APPAREL IN THE SOUTHEAST
AMERICAN STORES COMPANY ANNOUNCES CONVERSION OF 7-1 4% CONVERTIBLE SUBORDINATED NOTES
AMERICAN STORES CO. ANNOUNCES NOTE OFFERING
The Great American Backrub Store Opens First International Retail Franchise Store in Toronto, Canada

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters