Orchard Supply gets $127.5 million amended and restated facility

By Sara Rosenberg

New York, Oct. 23 - Orchard Supply Hardware Stores Corp. closed on a $127.5 million five-year amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Wells Fargo Capital Finance LLC and Bank of America Merrill Lynch acted as the joint lead arrangers and bookrunners on the deal that was completed on Oct. 17.

The facility consists of a $120 million revolver and a $7.5 million first-in-last-out term loan.

Pricing on the revolver can range from Libor plus 150 basis points to 200 bps based on availability.

Covenants include a minimum availability requirement.

There is a $50 million accordion feature.

Proceeds were used to refinance an existing credit facility that included a revolver with pricing ranging from Libor plus 250 bps to 325 bps.

Orchard Supply is a San Jose, Calif.-based hardware retailer.

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