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Fairway trims spread on $300 million facility to Libor plus 675 bps
By Sara Rosenberg
New York, Aug. 14 - Fairway Group Acquisition Co. reduced pricing on its $300 million credit facility to Libor plus 675 basis points from Libor plus 700 bps, according to a market source.
The facility consists of a $40 million five-year revolver and a $260 million six-year first-lien term loan.
Also, the original issue discount on the term loan was revised to 98½ from 98, the source said.
The term loan continues to have a 1.5% Libor floor and 101 repricing protection for one year.
Recommitments were due by 5 p.m. ET on Tuesday.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to refinance existing debt and add cash to the balance sheet.
Net leverage is 5.3 times.
Fairway is a supermarket chain with locations in New York, New Jersey and Connecticut.
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