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Cardenas Markets sets $165 million term loan at Libor plus 575 bps
By Sara Rosenberg
New York, Nov. 7 – Cardenas Markets firmed pricing on its $165 million seven-year term loan at Libor plus 575 basis points, the low end of the Libor plus 575 bps to 600 bps talk, according to a market source.
Also, the original issue discount on the term loan was revised to 99 from 98.5, the source said.
The term loan still has a 1% Libor floor and 101 soft call protection for six months.
The company’s $190 million credit facility also includes a $25 million five-year revolver.
BMO Capital Markets and Citigroup Global Markets Inc. are the leads on the deal.
Proceeds will be used to fund the buyout of the company by KKR.
Cardenas is an Ontario-based grocery store chain.
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