Local company news roundup

  • Updated: January 31, 2014 - 8:51 PM

DEBT AND EQUITIES

Supervalu Inc., Eden Prairie, has completed the refinancing of its existing $1.5 billion senior secured term loan agreement. The amendment reduces the interest rate margin to 3.5 percent from 4.0 percent while the LIBOR floor remains at 1.00 percent for LIBOR-based loans. The amendment also eliminates the springing maturity provision that would have accelerated the term loan maturity to 90 days prior to May 1, 2016, if more than $250 million of the company’s 8 percent senior notes remained outstanding as of that date. Goldman Sachs Bank USA, Credit Suisse and Morgan Stanley acted as joint lead book-runners and joint lead arrangers while Bank of America Merrill Lynch and Barclays acted as co-managers on the amendment.

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