EUROPE/MIDDLE EAST/AFRICA

摘要

Supermarket group delhaize has agreed a €400m unsecured revolver, taking advantage of competitive loan market conditions to reduce pricing on its financing. The new loan, which is led by bookrunning mandated lead arrangers Bank of America Merrill Lynch, BNP Paribas Fortis and JP Morgan, refinances an existing €600m facility that was due to mature in April 2016. The facility is for five years plus two one-year extension options. The financing pays an initial margin of 60bp for Delhaize's current BBB-/Baa3 ratings, 30bp lower than the margin paid on the previous facility, which was arranged in April 2011. Pricing subsequently ratchets on a ratings-based grid. For BBB+/Baal or better, it pays 40bp; for BBB/Baa2 it pays 50bp; for BB+/Ba1 it pays 90bp; for BB/Ba2 it pays 130bp; and for below BB/Ba2 it pays 180bp.