Spartan Stores, Inc. (NASDAQ:SPTN), a leading regional
grocery distributor and retailer, today announced it has
amended and restated the terms of its existing Senior Secured
Revolving Credit Facility.
The amendment primarily reflects increases in operational
flexibility and extends the term of the Credit Facility to
June of 2017. The initial amount of the facility is $200
million, with an accordion feature that would increase the
facility to $235 million at the Company's request. Under
this accordion feature, the facility could be expanded
further to $300 million in total availability, subject to
lender approval. The refinancing is expected to save the
company $0.4 million per year as a result of lower unused
fees on the commitments and lower issuance cost amortization.
"We are pleased with our ability to amend the revolving
credit facility to achieve terms that improve our financial
flexibility, extend the maturity date and lower our interest
expense," said Dave Staples, Spartan's Executive
Vice President and Chief Financial Officer. "We
appreciate the support that we received in this transaction
from our banking partners, which reflects the strength of our
relationships with our banks and the solid fundamentals of
About Spartan Stores
Grand Rapids, Michigan-based Spartan Stores, Inc.
(Nasdaq:SPTN) is the nation's tenth largest grocery
distributor with 1.4 million square feet of warehouse,
distribution, and office space located in Grand Rapids,
Michigan. The Company distributes more than 40,000 private
and national brand products to approximately 375 independent
grocery locations in Michigan, Indiana and Ohio, and to our
97 corporate owned stores located in Michigan, including
Family Fare Supermarkets, Glen's Markets, D&W Fresh
Markets, VG's Food and Pharmacy, and Valu Land.