SuperValu lifts spread on $1.5 billion term loan to Libor plus 400 bps

By Sara Rosenberg

New York, May 13 - SuperValu Inc. increased pricing on its $1.5 billion covenant-light term loan due March 21, 2019 to Libor plus 400 basis points from Libor plus 350 bps, according to a market source.

Also, the company is no longer asking to move the springing maturity threshold on the 2016 notes to $500 million from $250 million, the source said.

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

Recommitments were due at 5 p.m. ET on Monday, the source added.

Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the lead banks on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 500 bps with a 1.25% Libor floor.

SuperValu is an Eden Prairie, Minn.-based food wholesaler.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.