Spartan Raises $106.5 Million in Private Placement

Spartan Stores said it raised $106.5 million, after expenses, from the sale of convertible senior notes due in 2027. The amount raised included the full exercise of options to buy an additional $15 million in notes offered to initial buyers of the $95 million offering, Spartan said.

Jun 04, 2007

GRAND RAPIDS, Mich. — Spartan Stores here said it raised $106.5 million, after expenses, from the sale of convertible senior notes due in 2027. The amount raised included the full exercise of options to buy an additional $15 million in notes offered to initial buyers of the $95 million offering, Spartan said. The company said it would use the proceeds to pay amounts owned under its revolving credit facility and for working capital, capital expenditures and for other corporate purchases, including paying for its recently announced acquisition of Felpausch retail stores.