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Albertsons Said to Refinance Debt With $1.15 Billion of Loans

Albertsons LLC, a grocery store chain operator, is seeking to refinance $1.15 billion in term loans, according to a person with knowledge of the transaction.

The transaction includes a $450 million three-year term loan B that will pay interest at 3.5 percentage points more than the London interbank offered rate, with a 1 percent floor on the lending benchmark, said the person, who declined to be identified because the deal is private.

The company is also seeking a $700 million six-year term loan B that will pay interest at 3.75 percentage points more than Libor, with a 1 percent floor, the person said.

Citigroup Inc., Bank of America Corp., Credit Suisse Group AG and Morgan Stanley are arranging the loans, both of which may be sold at par, said the person.

Lenders will have 101 soft-call protection for the first six months on the $450 million portion, meaning the company would have to pay a one-cent premium to reprice the debt during that time, the person said. The $700 million loan will have 101 soft-call protection for 12 months.

Investors must let the banks know by May 1 if they will participate in the deal, the person said.

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