Daily News: May 17, 2013

Credit Suisse, Goldman Arrange SUPERVALU Repricing

SUPERVALU announced it has successfully completed the refinancing of its existing $1.5 billion senior secured term loan agreement. The amendment reduces the interest rate margin from 5.0% to 4.0% and reduces the LIBOR floor from 1.25% to 1.00% for LIBOR based loans.

The amendment also expands the ability to increase the term loan, subject to a secured leverage test, by up to $500 million (previously $250 million). The maturity date of the term loan remains March 2019.

Credit Suisse and Goldman Sachs Bank USA acted as joint lead book-runners and joint lead arrangers while Morgan Stanley, Bank of America Merrill Lynch and Barclays acted as co-managers on the amendment.

SUPERVALU said since the term loan was refinanced within the first year of its inception, the company paid the existing term loan lenders a 1% refinancing premium per the terms of the loan agreement. The amendment also includes certain other non-material changes.

Previously on abfjournal.com:

WFCF Leads New $1B Facility With SUPERVALU, Friday, March 22, 2013