Smart & Final changes on US$340m loan could mean losses for banks [Reuters]
SMART & FINAL STORES INC (SFS)
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Source: Reuters
Smart & Final changes on US$340m loan could mean losses for banks - Reuters 5 Min Read NEW YORK, June 18 (LPC) - A US$340m term loan backing Apollo Global Management’s purchase of supermarket chain Smart & Final priced on Tuesday morning but not before lead banks added a series of changes to the loan after failing to attract enough investors under the original terms, sources said. The loan priced at a steep discount, which investors suggested might imply a potential loss for banks arranging the financing. Such a loss, however, might be more than offset by remaining on good terms with sponsor Apollo, one of the most relevant private equity shops on the street. The term loan B was reduced to US$340m from US$380m and priced at 675bp over Libor, wide of the 650bp guidance offered last month. The original issue discount was also revised to 90 from a range of 97-98 and the call protection was amended to 101 hard call from 101 soft call, according to sources. Proceeds from the term loan will
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