MINNEAPOLIS--(BUSINESS WIRE)--May. 16, 2013--
SUPERVALU INC. (NYSE: SVU) today announced it has successfully completed
the refinancing of its existing $1.5 billion senior secured term loan
agreement. The amendment reduces the interest rate margin from 5.0
percent to 4.0 percent and reduces the LIBOR floor from 1.25 percent to
1.00 percent for LIBOR based loans. The amendment also expands the
ability to increase the term loan, subject to a secured leverage test,
by up to $500 million (previously $250 million). The maturity date of
the term loan remains March 2019. Since the term loan was refinanced
within the first year of its inception, the Company paid the existing
term loan lenders a 1 percent refinancing premium per the terms of the
loan agreement. The amendment also includes certain other non-material
Credit Suisse and Goldman Sachs Bank USA acted as joint lead
book-runners and joint lead arrangers while Morgan Stanley, Bank of
America Merrill Lynch and Barclays acted as co-managers on the amendment.
This release contains certain “forward-looking statements” (as such term
is defined under Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
relating to future events of SUPERVALU. Such statements are only
predictions and involve risks and uncertainties, resulting in the
possibility that the actual events or performances will differ
materially from such predictions.
About SUPERVALU INC.
SUPERVALU INC. is one of the largest grocery wholesalers and retailers
in the U.S. with annual sales of approximately $17 billion. SUPERVALU
serves customers across the United States through a network of
approximately 3,420 stores, composed of 1,900 independent stores
serviced primarily by the Company’s food distribution business; 1,331
Save-A-Lot stores, of which 950 are operated by licensee owners; and 191
traditional retail grocery stores. Headquartered in Minnesota, SUPERVALU
has approximately 35,000 employees. For more information about SUPERVALU
Source: SUPERVALU INC.