Grocery Outlet Holding Corp. (GO): debt financing — Grocery Outlet enters $700M senior secured credit facilities, repays prior debt

Grocery Outlet Holding Corp.

New credit agreement provides $300M term loan and $400M revolving credit facility, both maturing February 21, 2028.
At closing, the term loan was fully borrowed and $25M of the revolver was drawn; prior 2018 credit agreement repaid and terminated.
Interest at base rate or Term SOFR plus margin; financial covenants include max total net leverage and min interest coverage.

item 1.01 item 1.02 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Grocery Outlet Holding Corp. incurred revolving credit of $400.0 million with Bank of America, N.A. (as administrative agent) maturing February 21, 2028.

Instrument: revolving credit
Principal: $400.0 million
Counterparty: Bank of America, N.A. (as administrative agent)
Maturity: February 21, 2028
Event: incurrence

Exact text from the filing

(ii) a senior secured revolving credit facility (the “revolving credit facility” and, together with the term loan facility, the “credit facilities”) in an aggregate principal amount of $400.0 million

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Grocery Outlet Holding Corp. incurred term loan of $300.0 million with Bank of America, N.A. (as administrative agent) maturing February 21, 2028.

Instrument: term loan
Principal: $300.0 million
Counterparty: Bank of America, N.A. (as administrative agent)
Maturity: February 21, 2028
Event: incurrence

Exact text from the filing

The Credit Agreement provides for senior secured credit facilities consisting of (i) a senior secured term loan facility (the “term loan facility”) in an aggregate principal amount of $300.0 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Grocery Outlet Holding Corp. entered into Credit Agreement with Bank of America, N.A., as administrative agent and collateral agent, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and the other parties party thereto valued at $300.0 million term loan facility and $400.0 million revolving credit facility (effective 2023-02-21).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent and collateral agent, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and the other parties party thereto
Value: $300.0 million term loan facility and $400.0 million revolving credit facility
Effective: 2023-02-21

Exact text from the filing

On February 21, 2023, Grocery Outlet Holding Corp. (the “Borrower” or the “Company”), entered into a credit agreement with Bank of America, N.A., as administrative agent and collateral agent, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, and the other parties party thereto (the “Credit Agreement”).

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Grocery Outlet Holding Corp. filing history →

Source: SEC EDGAR

accession 0001104659-23-024754

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