Smart & Final prices $715.8 million term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, Dec. 16 - Smart & Final Holdings Corp. finalized pricing on its $715.8 million term loan B due November 2019 at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The debt still has a 1% Libor floor and 101 soft call protection for six months.

The term loan B includes $575.8 million of existing debt and a fungible $140 million add-on that was issued in line with talk at a discount of 993/4.

The existing term loan B portion is being amended to permit the repayment of the company's second-lien term loan, allow for a one-time dividend exception to the restricted payment covenant and reset the incremental facility dollar basket to $75 million.

Existing lenders are being offered a 12.5 bps amendment fee.

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

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

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