Smart & Final ups loan to $580 million, firms at Libor plus 350 bps

By Sara Rosenberg

New York, May 21 - Smart & Final Holdings Corp. increased its covenant-light first-lien term loan to $580 million from $525 million and set pricing at Libor plus 350 basis points, the wide end of the Libor plus 325 bps to 350 bps talk, according to a market source.

As before, the loan has a 1% Libor floor, a par offer price and 101 soft call protection for six months.

Recommitments are due at noon ET on Wednesday.

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 450 bps with a 1.25% Libor floor, and funds from the upsizing will be used to pay down some second-lien term loan borrowings, the source said.

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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