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The Great Atlantic & Pacific Tea Co., Inc. said yesterday it had settled in cash amounting to $45.7 million the 4,657,378 Series A Warrants issued in relation to the acquisition of Pathmark. Investors Yucaipa Corporate Initiatives Fund I, L.P., Yucaipa American Alliance Fund I, L.P., and Yucaipa American Alliance (Parallel) Fund I, L.P. exercised the warrants in early May.
"Based on many factors, including the successful integration of Pathmark, future benefits from synergies, positive business momentum, and the continued success of store format rollouts, the company has opted to settle these warrants in cash rather than issuing additional common shares," said the grocer.
Montvale, N.J.-based A&P operates 447 stores in eight states and the District of Columbia under the A&P, Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh, and Food Basics banners.