Smart & Final to launch $870 million credit facility on Wednesday

By Sara Rosenberg

New York, Oct. 22 - Smart & Final Holdings Corp. is scheduled to hold a bank meeting at 10:30 a.m. ET on Wednesday to launch an $870 million credit facility, according to a market source.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the joint lead arrangers on the deal.

The facility consists of a $150 million ABL revolver, a $510 million seven-year first-lien term loan and a $210 million eight-year second-lien term loan, the source said.

Proceeds will be used to help fund the company's buyout by Ares Management from Apollo Global Management LLC for $975 million and to refinance existing debt.

Smart & Final is a Commerce, Calif.-based warehouse-style, no membership fee, multi-format retailer serving households and smaller businesses.

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