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Buck Acquisition tender offer for Dollar General merger

Jun '07
Dollar General Corporation announced that Buck Acquisition Corp, a Tennessee corporation, which is indirectly controlled by investment funds affiliated with Kohlberg Kravis Roberts & Co L.P, has commenced a cash tender offer to purchase any and all of the $200 million outstanding aggregate principal amount of Dollar General's 8 5/8% Notes due 2010. The Tender Offer is being conducted in connection with the anticipated merger of Buck with and into Dollar General.

In conjunction with the Tender Offer, Buck is soliciting consents to effect certain proposed amendments to the indenture governing the Notes.

The Tender Offer and consent solicitation for the Notes are being made pursuant to an Offer to Purchase and Consent Solicitation Statement dated June 4, 2007, which more fully sets forth the terms and conditions of the Tender Offer.

The total consideration to be paid for each $1,000 principal amount of Notes will be a price, calculated as described in the Offer to Purchase, equal to (i) the sum of (a) the present value on the payment date, determined in accordance with standard market practice, on the scheduled initial settlement date of $1,000 payable on the maturity date for the Notes plus (b) the present value on the payment date of the interest that accrues and is payable from the last interest payment date prior to the scheduled initial settlement date until the maturity date for the Notes, in each case determined on the basis of a yield to such maturity date equal to the sum of (A) the yield to maturity on the 3.625% U.S. Treasury Notes due June 15, 2010, based on the bid-side price of such reference security as of 11:00 a.m, New York City time, on the second business day immediately preceding the tender offer expiration date, as reported by Bloomberg on page “PX5”, plus (B) 50 basis points minus (ii) accrued and unpaid interest to, but not including, the scheduled initial settlement date.

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