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Vitamin Shoppe gets $170 million three-year credit facilities
By Sara Rosenberg
New York, Dec. 17 – Vitamin Shoppe Industries LLC (Valor Acquisition LLC) closed on $170 million of credit facilities that were used to help fund its acquisition by Franchise Group Inc., according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
The facilities consist of a $70 million three-year senior secured term loan priced at Libor plus 900 basis points with a 2% Libor floor, and a $100 million three-year senior secured ABL revolver with pricing that can range from Libor plus 125 bps to 175 bps, based on excess availability, with a 0% Libor floor.
GACP Finance Co. LLC, is the agent on the term loan. JPMorgan Chase Bank is the agent on the ABL revolver.
Other funds for the transaction came from about $31 million of equity financing.
Under the agreement, Vitamin Shoppe, a Secaucus, N.J.-based omni-channel, specialty retailer of nutritional products, was bought for $6.50 per share, or about $208 million.
Franchise Group is a Virginia Beach, Va.-based operator of franchised and franchisable businesses.
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