The Stop & Shop Cos. will trim junk debt. including some 13 1/4% notes, with proceeds from the spinoff of its Bradlees Discount Department Stores business, the Boston-based supermarket chain said yesterday.

The asset sale, which netted proceeds of $392 million, clears the way for Stop & Shop to refinance $175 million face value of 13 1/4% subordinated notes, according to Sheila O'Connell, an assistant vice president at Duff & Phelps/MCM Investment Research Co.

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