SUPERVALU completed the repricing, amendment and extension of its existing $1 billion asset-based revolving credit facility. Wells Fargo Bank served as administrative agent, swing line lender and LC issuer.

Wells Fargo, U.S. Bank, Rabobank and BMO Capital Markets acted as joint lead arrangers and joint bookrunners on the amendment. U.S. Bank and Rabobank acted as co-syndication agents. BMO Harris, Goldman Sachs, Credit Suisse, Barclays Bank and Bank of America were co-document agents. Citizens Business Capital and Regions Bank served as senior managing agents on the transaction.

The amendment reduces the revolving credit facility’s rates on borrowings and letters of credit by 0.25% and the facility fees by 0.125%. Additionally, the maturity date of facility was extended by approximately 16 months to February 3, 2021.

On July 28, 2015, the company announced that it was exploring a potential separation of its Save-A-Lot segment and that as part of that process it had begun preparations to allow for a possible spin-off of Save-A-Lot into a stand-alone, publicly traded company. This amendment permits the company and its subsidiaries to undertake certain transactions necessary to effectuate a spin-off of Save-A-Lot. No specific timetable for a separation of Save-A-Lot has been set and there can be no assurance that a separation will be completed or that any other change in the company’s overall structure or business model will occur.

This amendment also modifies certain representations and warranties, covenants and events of default set forth in the revolving credit facility, and provides for the adjustment of certain covenants in the event a spin-off of Save-A-Lot is consummated.

SUPERVALU is one of the largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $18 billion.