This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Spartan Stores Amends Senior Secured Revolving Credit Facility, Extends Term To June 2017 And Reduces Interest Expense

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 our business.”

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.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are identifiable by words or phrases such as “expected”, “could”, “would” and similar words and phrases. Forward-looking statements are subject to a number of factors that could cause actual results to differ materially. Our ability to increase the total availability under our credit facility, successfully realize growth opportunities, reduce debt, and continue to pay dividends is not certain and depends on many factors, not all of which are in our control. Additional information about the risk factors to which Spartan Stores is exposed and other factors that may adversely affect these forward-looking statements is contained in Spartan Stores’ reports and filings with the Securities and Exchange Commission. Investors should not place undue reliance on forward-looking statements as predictions of future results. Spartan Stores undertakes no obligation to update or revise any forward-looking statements to reflect developments or information obtained after the date of this press release.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,230.49 +172.14 1.07%
S&P 500 1,925.70 +11.85 0.62%
NASDAQ 4,675.5490 +39.4440 0.85%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs