The term loan backed The Jean Coutu Group's acquisition of the Northeast and mid-Atlantic Eckerd Corp. stores (LMW,6/11). Jean Coutu has acquired the asset at an attractive price, and the company sees significant potential to improve Eckerds cash flow, the banker said.
The financing also includes a $350 million revolver and $250 million A loan. Six managing agents signed onto the pro rata with $70 million tickets. The agent banks are Bank of Montreal, Bank of Nova Scotia, BNP Paribas, Royal Bank of Canada, Toronto Dominion Bank and Caisse de Depot. Jean Coutu officials declined comment.