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    Supervalu Prices Offering of $350M of Senior Notes

    Proceeds earmarked for 2016 obligations

    Minneapolis-based Supervalu Inc. has announced the pricing of the offering of $350 million aggregate principal amount of 7.75 percent senior notes due in 2022.

    The grocer intends to use the net proceeds from this offering, together with borrowings under its amended and restated $1 billion asset-based revolving credit facility, to fund the redemption of $350 million aggregate principal amount of its 8 percent senior notes due in 2016 and to pay accrued and unpaid interest on the redeemed 2016 notes, the applicable redemption premium and estimated transaction fees and expenses.

    The notes are expected to settle on Nov. 14, subject to customary closing conditions. Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Barclays Capital Inc. are acting as joint bookrunning managers for this offering.

    Supervalu Inc. operates a network of 3,357 stores, including 1,827 independent stores serviced primarily by the company’s food distribution business; 1,334 Save-A-Lot stores, of which 915 are operated by licensee owners; and 196 traditional retail grocery stores.

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