Sara Lee begins cash tender offer for $1.11 billion in debt

By Wailin Wong
Posted Aug. 30, 2010 at 10:10 a.m.

Sara Lee Corp. said Monday that it is launching a cash tender offer to buy back $1.11 billion in debt.

The offer covers the outstanding amount of a series of bonds due in September 2011. The Downers Grove-based company said the offer expires on Sept. 7. Bondholders who tender their notes will receive any unpaid interest that has accrued between the last interest payment date and the offer’s to-be-determined settlement date.

Sara Lee said there is no minimum tender required for the offer.

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