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SuperValu readies launch of $1.5 billion term loan due 2019 for Friday
By Sara Rosenberg
New York, May 2 - SuperValu Inc. set a conference call for 11:30 a.m. ET on Friday to launch a $1.5 billion covenant-light term loan due March 21, 2019, according to a market source.
Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the lead banks on the deal.
Price talk on the loan is Libor plus 350 basis points with a 1% Libor floor and a par offer price, the source said.
The loan has 101 repricing protection for six months.
Proceeds will be used to reprice an existing term loan from Libor plus 500 bps with a 1.25% Libor floor.
Commitments are due on May 9, the source added.
SuperValu is an Eden Prairie, Minn.-based food wholesaler.
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