Spartan Stores Amends Senior Secured Revolving Credit Facility, Extends Term to June 2017 and Reduces Interest Expense
Spartan Stores, Inc. (NASDAQ: SPTN), a leading regional grocery distributor and retailer, today announced it has amended and restated the terms of its existing Senior Secured Revolving Credit Facility.
The amendment primarily reflects increases in operational flexibility and extends the term of the Credit Facility to June of 2017. The initial amount of the facility is $200 million, with an accordion feature that would increase the facility to $235 million at the Company's request. Under this accordion feature, the facility could be expanded further to $300 million in total availability, subject to lender approval. The refinancing is expected to save the company $0.4 million per year as a result of lower unused fees on the commitments and lower issuance cost amortization.
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