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Fairway ups term loan to $105 million, trims revolver to $9 million
By Sara Rosenberg
New York, Dec. 10 - Fairway Market LLC increased the size of its five-year term loan to $105 million from $100 million and decreased the size of its 41/2-year revolver to $9 million from $15 million, according to a market source.
Pricing on the term loan is Libor plus 950 basis points with a 2.5% Libor floor and an original issue discount of 97.
Earlier in the syndication process, term loan pricing had been raised from initial talk of Libor plus 800 bps and the discount firmed at the wide of the initial guidance of 97 to 98.
Credit Suisse and Jefferies are the lead banks on the now $114 million deal.
Proceeds will be used to refinance existing debt and for expansion capital.
Fairway is a supermarket chain with locations in New York and New Jersey.
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