MINNEAPOLIS — Supervalu Inc. has completed a previously announced plan to amend and extend senior secured credit facilities.
Supervalu Inc. has completed a previously announced plan to amend and extend senior secured credit facilities.
The supermarket retailer and grocery wholesaler said Friday that it closed on $538 million of new and extended commitments to its credit facilities. The company noted that under the terms of the facilities, each lender had to decide whether to extend the maturity of its term loan B-1 position.
According to Supervalu, the term B loans in the amended and extended credit facility include $250 million of term loan B-1 maturing in June 2012, $581 million of term loan B-2 maturing in October 2015 and $452 million of term loan B-3 maturing in April 2018.
The company added that incremental net proceeds from the transaction will be used to reduce existing debt.
In reporting fiscal 2011 financial results last month, Supervalu said its total debt reduction for the year was about $885 million, compared with $850 million in fiscal 2010. The company’s guidance for fiscal 2012 included estimated debt reduction of $500 million to $550 million.