Casey’s General Stores Finishes Private Placement

Casey’s General Stores completes private placement

ANKENY, Iowa – Casey’s General Stores completed a private placement for $569 million of 5.22 percent senior unsecured notes due 2020, the company said.

It plans to use the net proceeds of the private placement to pay for its previously announced recapitalization plan, which will be executed through a modified Dutch auction self tender offer, worth $38 to $40 per share. That offer is worth up to $500 million in the value of shares of its common stock outlined in the private placement memorandum. The company will also use net proceeds to pay fees and expenses in connection with the offer that were outlined in the private placement memorandum (PPM).

Casey’s said it will also use about $59 million of the proceeds of the private placement for prepayment of senior notes with interest rates between 6.18 percent to 7.23 percent and its 7.38 percent senior notes.

The tender offer’s information agent is MacKenzie Partners, while Goldman, Sachs & Co. is financial adviser.

Last week, Canadian convenience store operator Alimentation Couche-Tard Inc. extended its offer to buy all the outstanding shares of Casey’s General Stores Inc. for $36.75 apiece.

The tender offer will expire at 5 p.m. EDT on Aug. 30, unless it is again extended. It originally had been set to expire on Aug. 6.

Casey’s in July rejected the offer, saying it undervalues the company.

As of July 30, more than 6.1 million of Casey’s shares, or about 12 percent of outstanding shares, were tendered and not withdrawn.

Shares of Casey’s General Stores Inc. fell 23 cents, or 0.6 percent, to $38.07fell 26 cents to $38.04 in morning trading Tuesday.

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