C&K Market seeks approval to enter $45 million exit loan commitments

By Caroline Salls

Pittsburgh, June 19 – C&K Market, Inc. requested court approval to enter into commitments for $45 million in exit financing from General Electric Capital Corp. and Crystal Financial, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Oregon.

The proposed financing includes a $20 million senior secured revolving credit facility and a $25 million senior secured term loan facility, with a $5 million first-out portion.

The facilities will mature in five years.

The revolver will initially bear interest at Libor plus 200 bps. After the first full year from closing, interest on the revolver will be based in average excess availability, with the Libor margin ranging from 175 bps to 225 bps.

Interest on the first-out term loan will be Libor plus 450 bps, with a 1% Libor floor.

C&K, a Brookings, Ore.-based supermarket company, filed bankruptcy on Nov. 19, 2013. The Chapter 11 case number is 13-64561.

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