Smart & Final finalizes term loan repricing at Libor plus 325 bps

By Sara Rosenberg

New York, May 7 – Smart & Final Stores Inc. firmed pricing on its roughly $595 million first-lien senior secured term loan B at Libor plus 325 basis points, the wide end of the Libor plus 300 bps to 325 bps talk, according to a market source.

Additionally, the Libor floor on the term loan was reduced to 0.75% from 1%, the source said.

The loan still has 101 soft call protection for six months.

Commitments were due by the end of the day on Thursday, the source added.

Morgan Stanley Senior Funding Inc. is the arranger on the deal.

Proceeds will be used to reprice an existing roughly $595 million term loan from Libor plus 375 bps with a 1% Libor floor.

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

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