Albertsons revises discount on $2 billion term loan B-7 to 99.25

By Sara Rosenberg

New York, Oct. 29 – Albertsons Cos. Inc. widened the original issue discount on its $2 billion seven-year covenant-light first-lien term loan B-7 (Ba2/BB-) to 99.25 from 99.5, according to a market source.

Pricing on the term loan B-7 remained at Libor plus 300 basis points with a 0.75% Libor floor, and the debt still has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Barclays, Wells Fargo Securities LLC, US Bank, MUFG, RBC Capital Markets, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are the lead arrangers on the deal.

Proceeds will be used with cash and an ABL revolver draw to refinance an existing term loan B-4.

Albertsons is a Boise, Idaho-based food and drug retailer.

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