SpartanNash Co: debt financing — SpartanNash enters $150M interest rate swap with BofA at 3.646% fixed vs 1M SOFR through Nov 2027

SpartanNash Co

Entered interest rate swap with Bank of America on March 15, 2023.
Notional amount $150M; pays fixed 3.646%, receives 1-month SOFR.
Swap effective March 17, 2023 to November 17, 2027; monthly settlements.
Converts $150M of variable-rate debt to effective fixed rate.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SpartanNash Co entered an off-balance-sheet arrangement for debt of $150 million with Bank of America, N.A. at fixed interest rate of 3.646% maturing November 17, 2027.

Principal: $150 million
Counterparty: Bank of America, N.A.
Rate: fixed interest rate of 3.646%
Maturity: November 17, 2027
Event: off balance sheet

Exact text from the filing

On March 15, 2023, SpartanNash Company (the "Company") entered into an interest rate swap transaction with Bank of America, N.A. ("Bank of America"). Under the terms of the interest rate swap, the Company has agreed to pay Bank of America a fixed interest rate of 3.646%, and Bank of America has agreed to pay the Company a floating interest rate equivalent to one-month Secured Overnight Financing Rate ("SOFR") on a notional amount of $150 million for a period beginning on March 17, 2023 and ending on November 17, 2027.

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Source: SEC EDGAR

accession 0000950170-23-008179

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