08:39 PM PST on Friday, January 14, 2011

Stater Bros. Holdings has redeemed $45.1 million in outstanding notes that were due in 2012. It’s the final step in a plan to repay $525 million in bonds that had an 8.125 percent rate using a combination of cash, a $145 million loan and $255 million in new notes issued at a lower rate.

The company already had bought up 91 percent of the 2012 bonds by the end of November. The new notes, due in 2018, were issued that same month.

Phil Smith, chief financial officer for the San Bernardino-based grocery company, said earlier the transaction would reduce Stater Bros.’ debt load and could save as much as $16 million to $18 million a year in interest payments.