SunTrust Preps Dollar

  • 21 Apr 2002
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SunTrust Bank will launch syndication on May 2 for a $450 million refinancing for Dollar General, an operator of neighborhood stores across the U.S. The facility is split between a $300 million, three-year revolver and a $150 million, 364-day tranche. The new lines refinance existing bank facilities and maturing debt incurred from synthetic leases, said a banker.

The synthetic leases supported stores, distribution centers and the company's headquarters, he explained. The credit carries all-in drawn pricing of LIBOR plus 23/ 8%, while facility fees for the three-year revolver and 364-day are 37.5 basis points and 32.5 basis points, respectively. The security is the same as on the synthetic leases and SunTrust is the incumbent agent bank. Calls to company officials were not returned by press time.

  • 21 Apr 2002

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3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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