<SEC-DOCUMENT>0001157523-13-002967.txt : 20130531
<SEC-HEADER>0001157523-13-002967.hdr.sgml : 20130531
<ACCEPTANCE-DATETIME>20130531153208
ACCESSION NUMBER:		0001157523-13-002967
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130529
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130531
DATE AS OF CHANGE:		20130531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INGLES MARKETS INC
		CENTRAL INDEX KEY:			0000050493
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		IRS NUMBER:				560846267
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0929

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14706
		FILM NUMBER:		13884891

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 6676
		CITY:			ASHEVILLE
		STATE:			NC
		ZIP:			28816
		BUSINESS PHONE:		7046692941

	MAIL ADDRESS:	
		STREET 1:		P O BOX 6676
		CITY:			ASHEVILLE
		STATE:			NC
		ZIP:			28816
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50644187.htm
<DESCRIPTION>INGLES MARKETS, INCORPORATED 8-K
<TEXT>
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    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 14pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 OR 15(d) of The Securities Exchange Act of 1934</b></font><br><br><br>
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
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        <td style="width: 40%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date of Report (Date of earliest event reported)
          </p>
        </td>
        <td style="width: 60%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">May
            29, 2013</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INGLES MARKETS, INCORPORATED
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Exact name of registrant as specified in its charter)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
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    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
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        <td style="width: 33%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            North Carolina
          </p>
        </td>
        <td style="width: 34%; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            0-14706
          </p>
        </td>
        <td style="width: 33%; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            56-0846267
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            of incorporation)
          </p>
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 33%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            P.O. Box 6676, Asheville, NC
          </p>
        </td>
        <td style="width: 34%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="width: 33%; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            28816
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="width: 34%">
          &#160;
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 45%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Registrant&#8217;s telephone number, including area code
          </p>
        </td>
        <td style="width: 55%; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (828) 669-2941
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            N/A
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Former name or former address, if changed since last report.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 1.01. Entry into a Material Definitive Agreement.</b>
    </p>
    <p>

    </p>
    <p>
      The information set forth in the first two paragraphs of Item 8.01 of
      this Current Report on Form 8-K is incorporated herein by reference.
    </p>
    <p>

    </p>
    <p>
      <b>Item 2.03. Creation of a Direct Financial Obligation or an Obligation
      under an Off-Balance Sheet Arrangement of a Registrant.</b>
    </p>
    <p>

    </p>
    <p>
      The information set forth in the first two paragraphs of Item 8.01 of
      this Current Report on Form 8-K is incorporated herein by reference.
    </p>
    <p>

    </p>
    <p>
      <b>Item 8.01. Other Events.&#160;&#160;</b>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      On May 29, 2013, Ingles Markets, Incorporated (the &quot;Company&#8221;) and
      certain lenders amended its $175 million line of credit agreement to:
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 3%">
          &#160;
        </td>
        <td style="width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#9679;</font>
          </p>
        </td>
        <td style="width: 94%; padding-left: 0.0px" valign="top">
          Extend the maturity date from December 29, 2015 to May 29, 2018; and
        </td>
      </tr>
      <tr>
        <td style="width: 3%">

        </td>
        <td style="width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#9679;</font>
          </p>
        </td>
        <td style="width: 94%; padding-left: 0.0px" valign="top">
          Increase the maximum consolidated net debt to EBITDA ratio that the
          Company is required to maintain to 5.25:1.0; and
        </td>
      </tr>
      <tr>
        <td style="width: 3%">

        </td>
        <td style="width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#9679;</font>
          </p>
        </td>
        <td style="width: 94%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Modify the applicable rate and the consolidated leverage ratio at
            which such applicable rate is subject to change; and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 3%">

        </td>
        <td style="width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#9679;</font>
          </p>
        </td>
        <td style="width: 94%; padding-left: 0.0px" valign="top">
          Maintain consolidated net worth of not less than the sum of (i) an
          amount equal to 85% of the consolidated net worth of the Company as
          on March 30, 2013, (ii) an amount equal to 50% of the consolidated
          net worth of the Company earned in each full fiscal quarter ending
          after March 30, 2013 (with no deduction for a net loss in any such
          fiscal quarter) and (iii) an amount equal to 50% of the aggregate
          increases in shareholders&#8217; equity of the Company after May 29, 2013
          by reason of the issuance and sale of equity interests of the
          Company (other than issuances to the Company), including upon any
          conversion of debt securities of the Company into such equity
          interests.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">
      On May 29, 2013 the Company and certain lenders amended the Continuing
      Covenant and Collateral Agency Agreement (the &#8220;Covenant Agreement&#8221;)
      under its $99.7 million Recovery Zone Facility Bonds to:
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 3%">
          &#160;
        </td>
        <td style="width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#9679;</font>
          </p>
        </td>
        <td style="width: 94%; padding-left: 0.0px" valign="top">
          Extend the maturity date of the Covenant Agreement from January 2,
          2018 to June 30, 2021; and
        </td>
      </tr>
      <tr>
        <td style="width: 3%">

        </td>
        <td style="width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#9679;</font>
          </p>
        </td>
        <td style="width: 94%; padding-left: 0.0px" valign="top">
          Increase the maximum consolidated net debt to EBITDA ratio that we
          are required to maintain to 5.25:1.0 until June 30, 2018, at which
          date it is reduced to 5.0:1.0; and
        </td>
      </tr>
      <tr>
        <td style="width: 3%">

        </td>
        <td style="width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Arial Unicode MS; font-size: 10pt">&#9679;</font>
          </p>
        </td>
        <td style="width: 94%; padding-left: 0.0px" valign="top">
          Modify the applicable rate and the consolidated leverage ratio at
          which such applicable rate is subject to change.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">
      On May 31, 2013, the Company issued a press release announcing the
      pricing of $700 million aggregate principal amount of its senior notes
      due 2023 in a transaction exempt from the registration requirements of
      the Securities Act of 1933, as amended.&#160;&#160;This transaction was initiated
      on May 29, 2013.&#160;&#160;The press release also announced the line of credit
      and Covenant Agreement transactions listed above.
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      The press release is attached as Exhibit&#160;99.1 to this Form&#160;8-K.
    </p>
    <p>

    </p>
    <p>

    </p>
    <p>
      <b>Item 9.01&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">
          (d)
        </td>
        <td style="width: 15%; padding-left: 0.0px; text-align: left" valign="top">
          Exhibits.
        </td>
        <td style="width: 80%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 15%">

        </td>
        <td style="width: 80%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 15%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit Number</u>
          </p>
        </td>
        <td style="width: 80%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description of Exhibit</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 15%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 80%; padding-left: 0.0px; text-align: left" valign="top">
          Press release issued May 31, 2013
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <u><font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font></u>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 3%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 52%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INGLES MARKETS, INCORPORATED
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 3%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 52%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 52%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="width: 40%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            May 31, 2013
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 52%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 40%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          By:
        </td>
        <td style="width: 52%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Ronald B. Freeman
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 52%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Ronald B. Freeman
          </p>
        </td>
      </tr>
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            Chief Financial Officer
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    <p style="text-align: center">
      <u>EXHIBIT&#160;INDEX</u><br><br>
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            <u>Exhibit</u>
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            <u>Description</u>
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          &#160;
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          99.1
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            Press Release dated May 31, 2013
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Ingles
      Markets, Incorporated Announces Pricing of $700 Million Senior Notes</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Credit
      Arrangements Extended</b></font></i>
    </p>
    <p>
      ASHEVILLE, N.C.--(BUSINESS WIRE)--May 31, 2013--Ingles Markets,
      Incorporated (NASDAQ:&#160;IMKTA) today announced the pricing of its $700
      million aggregate principal amount of its senior notes due 2023. The
      senior notes will bear an interest rate of&#160;5.75% and will pay interest
      semiannually in arrears on June 15 and December 15 of each year,
      beginning December&#160;15, 2013. The final maturity of the senior notes is
      June 15, 2023.
    </p>
    <p>
      The Company announced on May 29, 2013, that it was offering the senior
      notes with a substantial portion of the net proceeds being used to
      purchase any and all of its $575 million aggregate principal amount of
      8.875% Senior Notes&#160;due&#160;2017 (the &#8220;8.875% Notes&#8221;) in a tender offer and
      consent solicitation announced at the same time. The Company intends to
      apply the remaining net proceeds from the offering to repay certain
      other debt, to fund capital expenditures and for general corporate
      purposes.
    </p>
    <p>
      The Company and its principal lenders have agreed in principle to modify
      and extend the maturity of its $175 million line of credit and its $100
      million loan used to construct a new distribution center that opened
      last year. The line of credit will now mature in May 2018, and the
      distribution center loan will mature in June 2021, subject to execution
      of final documents. The line of credit previously matured on December
      29, 2015, and the distribution center loan previously matured on January
      2, 2018.
    </p>
    <p>
      Ron Freeman, Chief Financial Officer, stated, &#8220;Market conditions allowed
      us to substantially reduce the interest rate on our senior notes and
      lock that rate in for the next ten years. We were also able to extend
      our other principal financing sources for new five and eight year
      periods. These actions provide us with stable, very attractive financing
      for many years, allowing us to focus on building better stores for our
      customers and providing better returns for our shareholders.&#8221;
    </p>
    <p>
      Ingles Markets, Incorporated is a leading supermarket chain with
      operations in six southeastern states. Headquartered in Asheville, North
      Carolina, the Company operates 203 supermarkets. In conjunction with its
      supermarket operations, the Company operates neighborhood shopping
      centers, most of which contain an Ingles supermarket. The Company also
      owns a fluid dairy facility that supplies Company supermarkets and
      unaffiliated customers. The Company&#8217;s Class A Common Stock is traded on
      The NASDAQ Stock Market&#8217;s Global Select Market under the symbol IMKTA.
      For more information, visit Ingles&#8217; website at <u>www.ingles-markets.com</u>.
    </p>
    <p>
      No assurance can be given that the offering described above will be
      completed or, if completed, as to the terms on which it is completed.
      The offering is subject to market conditions and other customary
      conditions. The notes offered by Ingles will not be registered under the
      Securities Act and may not be offered or sold in the United States
      without registration or an applicable exemption from the registration
      requirements.
    </p>
    <p>
      <i>The comments in this press release contain certain forward-looking
      statements. Ingles undertakes no obligation to publicly release any
      revisions to any forward-looking statements contained herein to reflect
      events or circumstances occurring after the date hereof or to reflect
      the occurrence of unanticipated events, except as required by law.</i> <i>Ingles&#8217;
      actual results may differ materially from those projected in
      forward-looking statements made by, or on behalf of, Ingles.</i> <i>Factors
      that may affect results include changes in business and economic
      conditions generally in Ingles&#8217; operating area, pricing pressures,
      increased competitive efforts by others in Ingles&#8217; marketing areas and
      the availability of financing for capital improvements.</i> <i>A more
      detailed discussion of these factors may be found in reports filed by
      the Company with the Securities and Exchange Commission including its
      2012 Form 10-K and 2013 Forms 10-Q.</i>
    </p>
    <p>
      CONTACT:<br>Ingles Markets, Incorporated<br>Ron Freeman, 828-669-2941
      (Ext. 223)<br>Chief Financial Officer
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