Commitments Scaled Back On Smart Deal
Commitments on the $150 million revolver for Smart & Final will be scaled back as the BNP Paribas-led credit finished up oversubscribed with $175 million in commitments. A banker close to the deal said it was scheduled to be funded by the end of last week. Harris Bank acted as syndication agent on the credit and Rabobank as documentation agent. BNP Paribas replaced Bank of America and Credit Lyonnais, as both firms dropped out of the credit after leading the old deal. Pricing is based on a grid and starts at LIBOR plus 21/2 % with a 1/2% commitment fee. Pricing has gone up 1/4% from the old deal. Richard Phegley, cfo of Smart & Final, did not return calls inquiring about the switch in lenders.