BNP Paribas has wrapped up its $150 million revolver for Smart & Final after the company required an extension on the old facilities while it waited on documentation for the replacement. The deal was launched on Oct. 22 in Los Angeles and was completed last week, said a banker familiar with the credit. The new revolver replaces a $150 million, three-year credit led by Credit Lyonnais and NationsBank.
Pricing is based on a grid and starts at LIBOR plus 21Ž 2% out of the blocks with a 1/2% commitment fee. Pricing has been increased 1/4% relative to the existing deal. The Smart & Final official said it is a tough market right now, but the company has good ties with its bank syndicate and the business is not highly GDP sensitive, with people still needing to eat. Smart & Final, based in Commerce, Calif., spoke to several banks before selecting BNP to lead the deal, said a company official at the time (LMW, 10/7). Calls to spokeswoman Lisa van Velthuyzen, were not returned. BNP officials declined to comment.