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A&P Announces Acceptance for Purchase of All 7 3/4% Notes Due 2007 and 9 1/8% Senior Notes Due 2011 Tendered in the Tender Offers
Montvale, New Jersey, September 8, 2005 -- The Great Atlantic & Pacific Tea Company, Inc. (NYSE:GAP) announced today that it has accepted for purchase all 7 3/4% Notes due 2007 (the "7 3/4% Notes") and 9 1/8% Senior Notes due 2011 (the "9 1/8% Notes" and, together with the 7 3/4% Notes, the "Notes") tendered pursuant to its tender offers to purchase any and all of the outstanding Notes.
The tender offers, which were announced on August 10, 2005, expired at 11:59 p.m., New York City time, on September 7, 2005. As of the expiration date of the tender offers, $166,710,000 million (83.77%) in principal amount of the outstanding 7 3/4% Notes and $ 203,660,000 million (94.07%) in principal amount of the outstanding 9 1/8% Notes had been tendered.
The purchase price for each $1,000 principal amount of tendered 7 3/4% Notes is $1,045.66 plus accrued and unpaid interest on such principal amount to, but not including the payment date. The purchase price for each $1,000 principal amount of tendered 9 1/8% Notes is $1,099.50 plus accrued and unpaid interest on such principal amount to, but not including, the payment date. Payment for tendered Notes will be made today by A&P by depositing the purchase price for all tendered notes in cash with the Tender Agent, which will act as agent for the tendering holders for the purpose of receiving the purchase price and transmitting payment to the tendering holders.
Lehman Brothers Inc. is acting as the sole Dealer Manager and Solicitation Agent for the tender offers and the consent solicitations. The Tender Agent and Information Agent is D.F. King & Co., Inc.
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offers and the consent solicitations are being made only by reference to the Offer to Purchase and Consent Solicitation Statement dated August 10, 2005.
Requests for documentation should be directed to D.F. King & Co., Inc. at (800) 949-2583 or (212) 269-5550 in the case of banks and brokerage firms. Questions regarding the tender offers and the consent solicitations should be directed to Lehman Brothers at (212) 528-7581 or toll free at (800) 438-3242.
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Investor Contact:
William J. Moss
Vice President, Treasurer
(201) 571-4019
Press Contact:
Richard P. De Santa
Vice President, Corporate Affairs
(201) 571-4495
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