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HD Supply Announces Intent to Amend Senior Secured Term Loan Facility

September 13, 2016, 06:43 AM
Filed Under: Distribution

HD Supply Holdings, Inc. announced that its indirect wholly-owned subsidiary, HD Supply, Inc., intends to amend its existing Senior Secured Term Loan Facility to (i) among other things, eliminate its LIBOR floor by means of a replacement tranche that will replace all of the Company’s outstanding term loans in an aggregate principal amount of $843.625 million and (ii) issue a new tranche of term loans in an aggregate principal amount of $550 million, the proceeds of which the Company intends to use, together with cash on hand and borrowings under its existing ABL Credit Agreement, to redeem its outstanding $1.275 billion aggregate principal amount of 7.50% Senior Notes due 2020 (the “7.50% Senior Notes”) and to pay related fees and expenses.  There can be no assurance that the proposed refinancing will be completed.

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