Sara Lee: Corporation announces tender offer

Downers Grove / IL. (slc) Sara Lee Corporation announced commencement of a cash tender offer for any and all of its 6,25 percent Notes due 2011, of which 1,11 billion USD aggregate principal amount is outstanding.

The tender offer is being made pursuant to an Offer to Purchase, dated August 30, which sets forth a complete description of the terms of the tender offer, and related Letter of Transmittal. Holders are urged to read the Offer to Purchase and related Letter of Transmittal carefully before making any decision with respect to the tender offer. Sara Lee reserves the right to terminate, withdraw or amend the tender offer at any time, as described in the Offer to Purchase.

The tender offer will expire at 17:00, New York City time, on September 07, 2010, unless extended or earlier terminated. To be eligible to receive the Total Consideration, holders of 6,25 percent Notes must validly tender and not validly withdraw their notes prior to the Expiration Time. Tendered notes may be withdrawn at any time at or prior to the Expiration Time, but may not thereafter be withdrawn.

The total consideration for each 1’000 USD in principal amount of the 6,25 percent Notes validly tendered in the tender offer at or prior to the Expiration Time and accepted for purchase will be determined in the manner described in the Offer to Purchase by reference to a fixed spread of 20 basis points or 0,2 percent over the bid-side yield to maturity of the one percent U.S. Treasury Notes due August 31, 2011, calculated as of 02:00, New York City time, on the date on which the tender offer expires. In addition, holders of 6,25 percent Notes validly tendered and accepted for purchase will receive accrued and unpaid interest on the notes from the last interest payment date for the notes to, but not including, the settlement date. The settlement date for the tender offer is expected to be promptly after the Expiration Time.

Info: The complete press release is available here on the company´s web server.