Supervalu has completed the repricing, amendment and extension of its $1 billion asset-based revolving credit facility, the maturity date of which was extended to Feb. 3, 2021, the company said.
The amendment, which supports Supervalu's plan to spin it's Save-A-Lot business off into an independent, publicly traded company, reduces the revolving credit facility’s rates on borrowings and letters of credit by 0.25 percent and the facility fees by 0.125 percent.
Minneapolis-based Supervalu has not yet provided a timeline for the Save-A-Lot spin-off, though the company filed an IPO for the segment on Jan. 7 of this year.
Wells Fargo, U.S. Bank, Rabobank and BMO Capital Markets acted as Joint lead arrangers and joint bookrunners on the amendment.
Yesterday, Supervalu appointed Mark Gross to helm the company as president and CEO, succeeding Sam Duncan, who has announced his retirement.
Supervalu operates a network of 3,407 stores composed of 1,871 independent stores serviced primarily by its food distribution business; 1,336 Save-A-Lot stores, of which 883 are operated by licensee owners; and 200 traditional retail grocery stores.