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Tops Markets refinancing its debt

Tops Markets is planning to refinance most of its debt.

The Amherst-based supermarket chain is preparing to sell about $550 million in new debt, using the proceeds from the sale to pay off $510 million of its existing borrowings, which carry interest rates of more than 8.75 percent.

The refinancing will extend the maturity date for most of Tops’ long-term debt until 2022, replacing borrowings that were due to mature in two or three years. Tops, which had $644 million in long-term debt at the end of March, is planning to pay off $460 million in one series of senior secured notes and $50 million in another. The company on Tuesday launched tender offers to redeem the debt.