Smart & Final seeks $525 million term loan at Libor plus 325-350 bps

By Sara Rosenberg

New York, May 17 - Smart & Final Holdings Corp. is in market with a repricing of its $525 million covenant-light first-lien term loan that is talked at Libor plus 325 basis points to 350 bps with a 1% Libor floor and a par offer price, according to a market source.

The repriced loan has 101 soft call protection for six months, the source said.

With this transaction, pricing on the loan would be reduced from Libor plus 450 bps with a 1.25% Libor floor.

Morgan Stanley Senior Funding Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal that launched with a call on Wednesday.

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

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