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Roundy's trims spread on $675 million term B to Libor plus 450 bps
By Sara Rosenberg
New York, Feb. 7 - Roundy's Supermarkets Inc. reduced pricing on its $675 million seven-year term loan B to Libor plus 450 basis points from Libor plus 500 bps, according to a market source.
In addition, the original issue discount tightened to 98½ from 98, the source said.
As before, the loan has a 1.25% Libor floor and 101 re-pricing protection for one year.
Recommitments were due at 5 p.m. ET on Tuesday.
Allocations are targeted to go out later this week, the source added.
The company's $800 million senior credit facility (B1/BB-) also includes a $125 million five-year revolver.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the lead banks on the deal.
The new facility is being done in connection with the company's initial public offering of common stock.
Proceeds from the credit facility and the stock offering will be used to repay the company's existing credit facility, which as of Oct. 1 had $689 million of first-lien loan debt and $150 million of second-lien debt.
Roundy's is a Milwaukee-based supermarket chain.
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