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The Pantry Announces Early Results Of Its Tender Offer And Consent Solicitation For Its 7.75% Senior Subordinated Notes Due 2014

The Pantry, Inc. (NASDAQ: PTRY) announced early results of its offer to purchase any and all of its outstanding 7.75% Senior Subordinated Notes due 2014 (the “Notes”) (CUSIP Nos. 698657AG8 / 698657AF0 / U6986NAB7) and solicitation of consents (the “Consents”) from holders of the Notes to effect certain proposed amendments to the indenture governing the Notes (the tender offer and consent solicitation, the “Offer”) upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement (the “Offer to Purchase”) and a related Letter of Transmittal, each dated as of July 20, 2012.

As of 5:00 p.m., New York City time, on August 2, 2012 (the "Early Tender Deadline"), $199,856,000 in aggregate principal amount of the Notes, representing 90.2% of the total outstanding principal amount of the Notes, had been validly tendered and not withdrawn in the tender offer. In addition, the Company had obtained Consents to the proposed amendments from holders representing at least a majority in aggregate principal amount of the Notes. Having received the requisite Consents from the holders of the Notes in connection with the consent solicitation, the Company and U.S. Bank National Association, as trustee, executed a supplemental indenture (the “Supplemental Indenture”) effecting the proposed amendments to the indenture governing the Notes. The Supplemental Indenture became effective upon execution, and the amendments to the indenture governing the Notes became operative on August 3, 2012 upon acceptance of and payment for a majority in aggregate principal amount of the Notes by the Company pursuant to the terms of the Offer.

Holders who validly tendered (and did not subsequently withdraw) their Notes and provided their Consents prior to the Early Tender Deadline shall receive total consideration equal to $1,003.75 per $1,000 principal amount of the Notes, which includes a consent payment of $10.00 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the initial payment date.

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