Sara Lee Corporation Announces Final Results of Tender Offer for Any and All of Its 6 ¼% Notes Due 2011

Published on Wednesday, 08 September 2010 08:54 Written by TradersHuddle Staff

DOWNERS GROVE, Ill.-( Business Wire )-

Sara Lee Corp. (NYSE: SLE) announced today the results of the previously announced cash tender offer for any and all of its 6 ¼% Notes due 2011 (the “6 ¼% Notes”). The tender offer expired at 5:00 p.m., New York City time, on September 7, 2010 (the “Expiration Time”).

Based on the final tabulation provided by D. F. King & Co., Inc., the depositary and information agent for the tender offer, the aggregate principal amount of the 6 ¼% Notes that were validly tendered and not validly withdrawn prior to the Expiration Time was $653,321,000. Sara Lee has accepted for purchase all of the 6 ¼% Notes validly tendered and not validly withdrawn prior to the Expiration Time, with settlement expected to occur today, September 8, 2010.

Holders of the 6 ¼% Notes that validly tendered and did not validly withdraw their 6 ¼% Notes prior to the Expiration Time will receive $1,058.45 per $1,000 principal amount of 6 ¼% Notes tendered, plus $30.03 per $1,000 principal amount of such 6 ¼% Notes for accrued and unpaid interest from and including the last interest payment date up to, but not including, the settlement date. Sara Lee will fund the purchase with a portion of the proceeds from the sale of $400 million aggregate principal amount of its 2.75% Notes due 2015 and $400 million aggregate principal amount of its 4.10% Notes due 2020, in an underwritten public offering that closed on September 7, 2010.

Morgan Stanley & Co. Incorporated served as the dealer manager for the tender offer and D. F. King & Co., Inc. served as the depositary and information agent for the tender offer.

About Sara Lee Corporation

Each and every day, Sara Lee (NYSE: SLE) delights millions of consumers and customers around the world. The company has one of the world’s best-loved and leading portfolios with its innovative and trusted food and beverage brands, including Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Sara Lee and Senseo. Collectively, our brands generate nearly $11 billion in annual net sales. Sara Lee has approximately 33,000 employees in its continuing operations worldwide. Please visit www.saralee.com for the latest news and in-depth information about Sara Lee and its brands.

Sara Lee CorporationMedia: Mike Cummins, +1-630-598-8412Analysts: Aaron Hoffman, +1-630-598-8739