Supervalu, Minneapolis, reported flat results for the first quarter of the year. Total net sales inched up to about $4.98 billion from $4.97 billion a year before. Total net earnings were $45.98 million vs. $45.95 million a year ago. Supervalu's food distribution operations had declined in sales and earnings in the quarter, while its food retail operations saw sales and net income gains.
d. It plans to assess the probability of redeeming some of those securities next month, Turner said. Net proceeds of the shelf, which allows companies to register an amount of securities they intend to offer in the future and call all or some as needed, will be used to repay debt incurred under a 1994 credit facility.
American Stores Co., Salt Lake City, has priced a public offering of $350 million of 8% debentures due June 1, 2026 at 99.262% to yield 8.066%. The net proceeds will be used to refinance a portion of the company's long-term indebtedness and additional short-term variable rate borrowings under the company's principal bank credit agreement.
Kmart Corp., Troy, Mich., has completed more than $4.7 billion in new financings that provide the company with additional liquidity and enhance its financial strength and flexibility. The financings included a new three-year $2.5 billion revolving credit facility, a $1.2 billion term loan facility and a $1 billion public offering of 7.75% trust convertible preferred securities. Kmart reported that it used a portion of the proceeds to repay previous credit facilities and retire its real estate debt, noting that the balance will help the company move ahead with it business strategy.
