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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ConAgra Brands Inc | NYSE:CAG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.0099 | 0.03% | 30.4499 | 30.59 | 30.21 | 30.47 | 2,423,694 | 23:25:39 |
DOW JONES NEWSWIRES
ConAgra Foods Inc. (CAG) boosted its debt-repurchase tender offer by $300 million amid strong demand Monday from investors in the wake of the consumer-foods company raising $1 billion to repay other debt.
The sale itself was increased from $750 million two weeks ago.
Holders tendered $290.6 million of so-called put notes as of Friday's deadline to receive an extra payment; there are $300 million of the notes outstanding.
Meanwhile, $679.4 million of senior notes due in 2010 and 2011 were tendered as of Friday; ConAgra originally offered to buy up to $300 million of them. Monday's announcement doubles that figure.
ConAgra has been hurt by hedging costs as commodity prices plunged from their July peak. The company has cut back on capital spending in an effort to preserve cash. S&P cut its credit rating on ConAgra earlier this month to two steps above junk territory, saying the company's financial condition isn't likely to improve much amid the economic downturn.
Last month, the company reported a fiscal third-quarter profit that exceeded analysts' projections, but packaged-food shipments fell and the company lowered prices on some products in the face of private-label competition.
Shares were recently down 10 cents at $18.17.
-By Katherine E. Wegert, Dow Jones Newswires; 201-938-5294; katherine.wegert@dowjones.com
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