WFCF Leads New $1B Facility With SUPERVALU
Wells Fargo Capital Finance announced that it is leading a new $1 billion senior secured, asset-based revolving credit facility for SUPERVALU, a grocery wholesaler and retailer. Wells Fargo Bank will serve as administrative agent, left lead arranger and bookrunner for the facility.
This transaction was completed in conjunction with SUPERVALU’s sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies in a stock transaction. The new facility will be used to provide working capital to the new SUPERVALU, one of the largest grocery wholesalers and retailers in the U.S., with annual sales of approximately $17 billion and approximately 35,000 employees.
“This transformational transaction positions SUPERVALU for success,” said Jim Dore, president of the Retail Finance & Commercial Services Group of Wells Fargo Capital Finance. “We are proud to have been able to work with the SUPERVALU management team on the financing to help them realize their vision for the company’s future.”
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries.
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