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Report: Supervalu sets rate on $2.4B loan for Cerberus sale
Eden Prairie, Minn. -- Bloomberg reported Tuesday that Supervalu Inc. has set the rate it will pay on $2.4 billion of loans to fund the sale of five supermarket chains to a Cerberus Capital Management LP-led investor group.
A six-year, $1.5 billion term will pay interest at 5.75 percentage points more than the London interbank offered rate with a 1.25 percent minimum, reported Bloomberg, citing an unnamed source.
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Express opportunity evident in C-store total
While Walmart continues to fine tune its small format Express concept, ample opportunity awaits in the C-store space.
The latest data from Nielsen shows the number of U.S. convenience stores continues to expand and last year set a new record with 149,220 units. Roughly 63% of those units are independent operators who presumably charge higher prices than what would be available at Walmart’s convenience stores.