Albertsons plans $1.1 billion senior notes offering, shares down

Shares of retailer Albertsons Companies ACI.N down 2% at $16.65

Co announces proposed senior notes offering of $1.1 billion due 2032

Says proceeds, along with cash in hand, will be used to redeem existing notes

Adds net proceeds to be used to redeem in full the $1.35 billion outstanding of its 4.625% senior notes due 2027, a portion of the $750 million outstanding of its 5.875% senior notes due 2028, and pay fees and expenses related to the refinancing and the issuance of the notes

ACI has fallen 47.5% YTD