Simpson Thacher recently represented Dollar General Corporation in connection with its registered public offering of $750 million aggregate principal amount of 4.25% Senior Notes due 2024, $550 million aggregate principal amount of 4.625% Senior Notes due 2027, $700 million aggregate principal amount of 5% Senior Notes due 2032 and $300 million aggregate principal amount of 5.5% Senior Notes due 2052.
Dollar General used the net proceeds of this offering to repay all $900 million outstanding principal amount of its 3.25% Senior Notes due 2023, including payment of any applicable redemption premium, to reduce its commercial paper notes outstanding and, to the extent of any remaining proceeds, for general corporate purposes, which may include the repayment of other indebtedness and repurchases of common stock under its existing share repurchase program.
Dollar General is the largest discount retailer in the United States by number of stores, with 18,566 stores located in 47 states as of July 29, 2022, with the greatest concentration of stores in the southern, southwestern, midwestern and eastern United States. Dollar General offers a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health and beauty products and pet supplies, and non-consumable products such as seasonal merchandise, home decor and domestics, and basic apparel.
The Simpson Thacher team included Joseph Kaufman and Shin Song (Capital Markets); Nancy Mehlman, Michael Mann and Eli Shalam (Tax); and David Rubinsky and Patricia Adams (ERISA).