TIDMSRL
Sara Lee Corp. ("Sara Lee") (NYSE: SLE) today announced that it
will redeem all of its 3.875% Notes due 2013 (the "3.875% Notes"),
of which an aggregate principal amount of $500,000,000 is
outstanding. The formal notice of redemption is being sent today to
holders of the 3.875% Notes by The Bank of New York Mellon Trust
Company, N.A., the trustee under the indenture governing the 3.875%
Notes.
The 3.875% Notes will be redeemed on April 6, 2012 (the
"Redemption Date") at a redemption price to be calculated on the
third business day preceding the Redemption Date in accordance with
the terms of the 3.875% Notes. Interest will cease to accrue on and
after the Redemption Date.
Questions regarding redemption of the 3.875% Notes should be
directed to The Bank of New York Mellon Trust Company, N.A., at 101
Barclay Street, New York, New York 10286, attention: Bondholder
Communications or at (800) 254-2826.
Forward Looking Statements
This release contains forward-looking statements with respect to
the redemption. Other documents and statements of Sara Lee contain
certain forward-looking statements, including the anticipated costs
and benefits of restructuring, transformation and actions
associated with Sara Lee's Project Accelerate initiative, other
matters related to Sara Lee's spin-off plans, access to credit
markets and Sara Lee's credit ratings, the planned extinguishment
of debt (including through the tender offer), the funding of
pension plans, potential payments under guarantees and amounts due
under future contractual obligations and commitments, projected
capital expenditures, cash tax payments, pension settlement amounts
and effective tax rates. In addition, from time to time, in oral
statements and written reports, Sara Lee discusses its expectations
regarding its future performance by making forward-looking
statements preceded by terms such as "expects," "projects,"
"anticipates" or "believes." These forward-looking statements are
based on currently available competitive, financial and economic
data, as well as management's views and assumptions regarding
future events. Such forward-looking statements are inherently
uncertain, and investors must recognize that actual results may
differ from those expressed or implied in the forward-looking
statements. Consequently, Sara Lee wishes to caution readers not to
place undue reliance on any forward-looking statements. Among the
factors that could cause Sara Lee's actual results to differ from
such forward-looking statements are those described in Sara Lee's
Annual Report on Form 10-K for the fiscal year ended July 2, 2011,
as well as factors relating to:
-- Sara Lee's proposed spin-off plans and the related special dividend,
such as (i) unanticipated developments that delay or negatively
impact
the proposed spin-off and capital plans; (ii) the anticipated
costs
and benefits of restructuring actions taken to prepare for
the
spin-off; (iii) Sara Lee's ability to obtain customary
approvals; (iv)
Sara Lee's ability to generate the anticipated efficiencies
and
savings from the spin-off including a lower effective tax rate
for the
spun-off company; (v) the impact of the spin-off on Sara
Lee's
relationships with its employees, major customers and vendors
and on
Sara Lee's credit ratings and cost of funds; (vi) changes in
market
conditions; (vii) future opportunities that Sara Lee's board
of
directors may determine present greater potential value to
shareholders than the spin-off and special dividend; (viii)
disruption
to Sara Lee's business operations as a result of the spin-off;
(ix)
future operating or capital needs that require a more
significant
outlay of cash than currently anticipated; and (x) the ability
of the
businesses to operate independently following the completion of
the
spin-off;
-- Sara Lee's relationship with its customers, such as (i) a significant
change in Sara Lee's business with any of its major customers,
such as
Walmart, its largest customer; and (ii) credit and other
business
risks associated with customers operating in a highly
competitive
retail environment;
-- The consumer marketplace, such as (i) intense competition, including
advertising, promotional and price competition; (ii) changes
in
consumer behavior due to economic conditions, such as a shift
in
consumer demand toward private label; (iii) fluctuations in
raw
material costs, Sara Lee's ability to increase or maintain
product
prices in response to cost fluctuations and the impact on Sara
Lee's
profitability; (iv) the impact of various food safety issues
and
regulations on sales and profitability of Sara Lee products; and
(v)
inherent risks in the marketplace associated with product
innovations,
including uncertainties about trade and consumer acceptance;
-- Sara Lee's international operations, such as (i) impacts on reported
earnings from fluctuations in foreign currency exchange
rates,
particularly the euro; (ii) Sara Lee's generation of a high
percentage
of its revenues from businesses outside the United States and
costs to
remit these foreign earnings into the U.S. to fund Sara Lee's
domestic
operations, dividends, debt service and corporate costs;
(iii)
difficulties and costs associated with complying with U.S. laws
and
regulations, such as Foreign Corrupt Practices Act, applicable
to
global corporations, and different regulatory structures and
unexpected changes in regulatory environments overseas; and (iv)
Sara
Lee's ability to continue to source production and conduct
operations
in various countries due to changing business conditions,
political
environments, import quotas and the financial condition of
suppliers;
and
-- previous business decisions, such as (i) Sara Lee's ability to
generate margin improvement through cost reduction and
efficiency
initiatives; (ii) Sara Lee's credit ratings, the impact of Sara
Lee's
capital plans on such credit ratings and the impact these
ratings and
changes in these ratings may have on Sara Lee's cost to borrow
funds
and access to capital/debt markets; (iii) the settlement of a
number
of ongoing reviews of Sara Lee's income tax filing positions
in
various jurisdictions and inherent uncertainties related to
the
interpretation of tax regulations in the jurisdictions in which
Sara
Lee transacts business; and (iv) changes in the expense for
and
contingent liabilities relating to multi-employer pension plans
in
which Sara Lee participates.
In addition, Sara Lee's results may also be affected by general
factors, such as economic conditions, political developments,
interest and inflation rates, accounting standards, taxes and laws
and regulations in markets where Sara Lee competes. Sara Lee
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Sara Lee Corporation
Sara Lee Corp. (NYSE: SLE) and its leading portfolio of food and
beverage brands, including Ball Park, Douwe Egberts, Hillshire
Farm, Jimmy Dean, Pickwick Teas, Sara Lee and Senseo, generate
nearly $8 billion in annual net sales from continuing operations
and employ approximately 20,000 people worldwide. In January 2011,
Sara Lee Corp. announced that it will divide the company into two
pure-play publicly-traded companies, one focused on the
international coffee and tea market and the other on North American
meats. For more information on the company, please visit
www.saralee.com.
Sara Lee Corp.
Media: Mike Cummins, +1.630.598.8123
Analysts: Melissa Napier, +1.630.598.8739
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