BJ’s Wholesale Club has reduced the size and increased the rate on $2.18 billion of loans, Bloomberg reports. The move will back BJ’s Wholesale buyout by Leonard Green & Partners and CVC Capital Partners.
BJ’s reduced a first-lien piece by $50 million to $1.075 billion and boosted the rate on the debt to 5.75 percentage points more than the London interbank offered rate. The loan will have a 1.25 percent floor on the lending benchmark. Interest on the $200 million second-lien piece will pay 8.75 percentage points more than Libor.
Click here for the story from Bloomberg.