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Prospect News home > News index > List of issuers G > Headlines for Great Atlantic & Pacific Tea Co., Inc. (A&P) > News item |
A&P launches $350 million exit term loan at Libor plus 700 bps
By Sara Rosenberg
New York, Jan. 18 - Great Atlantic & Pacific Tea Co. Inc. (A&P) launched its $350 million term loan on Wednesday afternoon with price talk of Libor plus 700 basis points with a 1.25% Libor floor and an original issue discount of 98, according to a market source.
The loan has call protection of 102 in year one and 101 in year two, the source said.
The company's $750 million exit facility also provides for a $400 million ABL revolver.
J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are the lead banks on the deal.
Proceeds will be used to repay the company's existing debtor-in-possession facility, pay Chapter 11 emergence costs and for general corporate purposes.
A&P is a Montvale, N.J.-based operator of supermarkets.
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