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Albertson’s reveals talk on roughly $4.56 billion of term loans
By Sara Rosenberg
New York, July 29 – Albertson’s Holdings LLC (Safeway Acquisition Merger Sub Inc.) came out with price talk on its $4,559,000,000 of term loans in connection with its bank meeting on Tuesday, according to a market source.
The $1,519,000,000 five-year first-lien covenant-light term loan B-3 is talked at Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99½, and the $3.04 billion seven-year first-lien covenant-light term loan B-4 is talked at Libor plus 375 bps with a 1% Libor floor and a discount of 99, the source said.
Both term loans have 101 soft call protection for six months.
Commitments are due on Aug. 7.
Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc., PNC Capital Markets LLC, US Bank and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.
Proceeds will be used to fund the acquisition of Safeway Inc.
Closing is subject to customary conditions, including approval by Safeway shareholders and regulatory approvals.
Albertson’s is a Spokane, Wash.-based supermarket chain. Safeway is a Pleasanton, Calif.-based food and drug retailer.
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