Tops Raises $275 Million in Bond Offer

Tops Friendly Markets here last week expanded its borrowing capacity and extended the maturity date on its debt through a $275 million bond offering, according to local reports.

WILLIAMSVILLE, N.Y. — Tops Friendly Markets here last week expanded its borrowing capacity and extended the maturity date on its debt through a $275 million bond offering, according to local reports.

Tops, which was acquired by Morgan Stanley Private Equity and other investors two years ago, will use the proceeds to pay a $105 million dividend to it ownership, according to The Buffalo News.

The $275 million in senior secured notes, with a coupon rate of 10.13%, mature in 2015, the newspaper reported.

Tops operates 76 stores in Western New York, and is seeking to expand its store base, executives told SN earlier this year.

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