Smart & Final flexes $594.9 million term loan B to Libor plus 350 bps

By Sara Rosenberg

New York, Sept. 14 – Smart & Final Stores LLC increased pricing on its extended $594.9 million senior secured covenant-light term loan B to Libor plus 350 basis points from Libor plus 325 bps, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the wide end of the 99.5 to 99.75 talk, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

With this transaction, the company is looking to extend the maturity on the term loan B to Nov. 15, 2022, from Nov. 15, 2019.

Current pricing on the term loan B due 2019 is Libor plus 325 bps with a 0.75% Libor floor.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Recommitments are due by 3 p.m. ET on Thursday, with allocations expected thereafter, the source added.

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

© 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.