GRAND RAPIDS, Mich. — Spartan Stores here said Friday it has amended 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 company said. The initial amount of the facility is $200 million, with an accordion feature that could increase the facility to $235 million. Under this accordion feature, the facility could be expanded further to $300 million in total availability, subject to lender approval.
Spartan said the refinancing is expected to save the company $400,000 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.