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Milwaukee-based Roundy’s Supermarkets Inc. is seeking $800 million in loans to refinance debt, Bloomberg.com reported.
Credit Suisse Group AG is arranging the financing for the grocery store chain, which operates supermarkets in Wisconsin, Illinois and Minnesota under the Pick ‘n Save, Rainbow, Copps, Metro Market and Mariano’s Fresh Market banners.
Roundy’s plans to hold a lender meeting Jan. 26 to discuss the deal, Bloomberg.com reported. The financing reportedly will include a $675 million term loan due in due in seven years and a $125 million revolving line of credit maturing in five years.
Lenders are being offered one-year soft-call protection of 101 cents, meaning Roundy’s would have to pay 1 cent more than face value to refinance the debt during the first year, according to Bloomberg.com.
Willis Stein & Partners LP and Norwest Equity Partners purchased Roundy’s in June 2002. In October 2009, the grocer reportedly extended the maturity of a $649.2 million term loan to November 2013; the grocer also has a $150 million second-lien term loan due in April 2016.