|
The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
J.P. Morgan Securities Arranges $450MM Revolver for Sprouts Farmers Market
|
Lenders/Participants
|
J.P. Morgan Securities [Sole Bookrunner, Lead Arranger]
|
|
Structure
|
Revolver
|
|
Amount
|
$450.000
Million
|
|
Borrower(s)
|
Sprouts Farmers Market
|
|
Description
|
A new five-year, $450 million revolving credit facility to replace its existing term loan and revolving credit facility. The Company will utilize the initial drawing of $260 million under the new credit facility to pay off its existing $258 million term loan and transaction costs associated with the refinancing. Upon the completion of the refinancing, the Company will have approximately $260 million of total debt and $2.5 million of letters of credit outstanding under the new facility, which will mature on April 17, 2020. The revolver has an initial drawn pricing of LIBOR plus 1.75 percent, as compared with LIBOR (with a floor of 1.00 percent) plus 3.00 percent under the previous term loan. At today's interest rates, this pricing would reduce the Company's annual interest expense by approximately $5 million.
|
|
Industry
|
Retail
|
| Related Tags |
J.P. Morgan Securities
|
ABL Advisor
Deal Tables
2024
|
|
|
|