Daily News: August 6, 2012

Wells Fargo Agents New $480MM Facility for The Pantry


The Pantry announced that it closed its previously announced debt refinancing, which included a private placement of $250 million of its 8.375% senior unsecured notes due 2020 and a new senior secured credit facility, comprised of a seven-year $255 million senior secured term loan and a five-year $225 million senior secured revolving credit facility.

According to a filing, the new credit facility is being provided by a lender group led by Wells Fargo as administrative agent. The filing notes that the revolver includes a $160 million subfacility for standby letters of credit and a $20 million subfacility for swingline loans. A commitment fee of 0.50% per annum will accrue on the unused amounts of the commitments under the revolver.

The Pantry is using the proceeds from the offering of the notes, together with borrowings under the new credit facility and a portion of its available cash, to finance a tender offer for and/or redemption of all of its outstanding senior subordinated notes, to repay its outstanding debt under its prior credit facility, to pay fees and expenses relating to these transactions, and for general corporate purposes.

Previously on abfjournal.com:

The Pantry Renegotiates Terms of Senior Secured Credit Facilities, Wednesday, May 16, 2007