Northeast Grocery launches $550 million term B at SOFR plus 750 bps

By Sara Rosenberg

New York, Nov. 17 – Northeast Grocery Inc. launched on Friday its $550 million five-year term loan B (B+/BB+) with price talk of SOFR plus 750 basis points with a 1% floor and an original issue discount of 96 to 97, according to a market source.

The term loan is non-callable for one year, then at 103 in year two and 101 in year three, the source said.

Deutsche Bank Securities Inc., UBS Investment Bank and BofA Securities Inc. are the bookrunners on the deal.

Commitments are due at noon ET on Dec. 4.

Proceeds will be used to refinance existing debt.

Northeast Grocery is a Schenectady, N.Y.-based traditional food retailer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.