Wells Fargo Retail Arranges $1.65B Facility for SUPERVALU
Wells Fargo Capital Finance said it recently acted as left lead arranger and administrative agent and, together with the other arrangers, underwrote a $1.65 billion senior secured, asset-based revolving credit facility for SUPERVALU. The facility refinances a portion of SUPERVALU’s existing debt and will be used to support the general needs of the Company.
“This is a significant financing for SUPERVALU in that it will provide the company the flexibility it needs to move toward accomplishing its goals,” said Jim Dore, president of the Retail Finance and Commercial Services Group of Wells Fargo Capital Finance. “We are extremely proud of the strong relationship we have developed with the management team at SUPERVALU and we look forward to continuing to support this market leading company as it moves forward.”
SUPERVALU is one of the largest companies in the U.S. grocery channel with annual sales of approximately $35 billion. SUPERVALU serves customers across the United States through a network of approximately 4,400 stores composed of 1,101 traditional retail stores, including 798 in-store pharmacies; 1,336 hard discount stores, of which 939 are operated by licensee owners; and 1,950 independent stores serviced primarily by the Company’s food distribution business. SUPERVALU has approximately 130,000 employees.
“The closing of these financings provide SUPERVALU with additional financial flexibility as we execute our business turnaround,” said Sherry Smith, executive vice president and chief financial officer of SUPERVALU.