BJ’s Wholesale Club refinanced its first lien term loan credit agreement with Nomura Corporate Funding Americas as administrative agent and collateral agent and its ABL facility with Wells Fargo as adminisative agent.
The first lien amendment reduces the applicable rate for the first lien facility from 3.75% for LIBOR loans and 2.75% for base rate loans (in each case, with a 0.25% stepdown at first lien net leverage of 4.25 to 1.00) to 3.00% for LIBOR loans and 2.00% for base rate loans (in each case, with a 0.25% stepdown at first lien net leverage of 3.00 to 1.00), provided that until delivery of financial statements for the first full fiscal quarter ending after August 13, 2018, the applicable rate is 3.00% for LIBOR loans and 2.00% for base rate loans.
The ABL amendment extends the scheduled maturity date of the ABL facility from February 3, 2022 to August 17, 2023 and amends the pricing grid. It reduces the applicable margin for all classes of loans and fees paid in connection with letters of credit at all levels of average daily availability (in each case, with stepdowns at total net leverage of 3.00 to 1.00 of in the case of LIBOR and base rate loans and standby letters of credit fees, 0.125% and in the case of documentary letters of credit fees, 0.0625%, provided that, until February 1, 2019, the applicable margins set forth below for Pricing Level I shall apply, including, if applicable, any stepdowns based on achieving total net leverage of 3.00 to 1.00).
