Fairway Market to launch $175 million credit facility on Tuesday

By Sara Rosenberg

New York, Feb. 11 - Fairway Market LLC is scheduled to hold a bank meeting on Tuesday to launch its proposed $175 million credit facility, according to a market source.

Credit Suisse is the left lead bank on the deal.

The facility consists of a $25 million five-year revolver and a $150 million six-year term loan, the source said.

Both tranches are being talked at Libor plus 700 basis points with a 1.5% Libor floor and an original issue discount of 98.

The facility includes a full covenant package.

Proceeds will be used to refinance an existing credit facility and provide some cash for future store expansion.

Fairway is a supermarket chain with locations in New York, New Jersey and Connecticut.

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