Smart & Final Grocery to launch $530 million credit facilities Tuesday

By Sara Rosenberg

New York, May 17 – Smart & Final Grocery (Saffron Borrowco LLC) will hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch $530 million of senior secured credit facilities, according to a market source.

Deutsche Bank Securities Inc., BMO Capital Markets Corp., RBC Capital Markets, Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC and UBS Investment Bank are the bookrunners on the debt.

The facilities consist of a $380 million seven-year covenant-lite term loan B and a $150 million ABL revolver, the source said.

Proceeds will be used to help fund the buyout of Smart & Final Stores Inc. by Apollo Global Management LLC.

Closing is expected by the third quarter, subject to more than 50% of the company’s shares being tendered, regulatory approvals and other customary conditions.

Commerce, Calif.-based Smart & Final Grocery is a food retailer operating smaller-box, warehouse-style club stores.

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