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US Foods to repay term debt for Smart Foodservice buy with bonds
By Sara Rosenberg
New York, April 22 – US Foods Holding Corp. plans to repay $400 million of senior secured term loans it intends to borrow on Friday for its acquisition of Smart Foodservice Warehouse Stores with proceeds from an $800 million senior secured notes offering, according to a news release.
Remaining proceeds from the notes offering will be used for general corporate purposes.
As reported earlier, the company has a commitment for a $700 million seven-year senior secured incremental term loan to help fund the Smart Foodservice purchase.
Citigroup Global Markets and BofA Securities Inc. provided the debt commitment.
Smart Foodservice, a Portland, Ore.-based operator of cash and carry stores that serve small and mid-sized restaurants and other food business customers, is being bought from Apollo Global Management Inc. for $970 million in cash.
US Foods is a Rosemont, Ill.-based foodservice distributor.
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