A US$340m term loan backing Apollo Global Management’s purchase of supermarket chain Smart & Final priced on Tuesday morning but not before lead banks added a series of changes to the loan after failing to attract enough investors under the original terms, sources said. The loan priced at a steep discount, which investors suggested might imply a potential loss for banks arranging the financing. Such a loss, however, might be more than offset by remaining on good terms with sponsor Apollo, one of the most relevant private equity shops on the street.
First Street Merger Sub, Inc. (the “Offeror”), an entity controlled by funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, LLC (APO) (together with its consolidated subsidiaries, “Apollo”), a leading global alternative investment manager, today announced the successful completion of the previously commenced cash tender offer by the Offeror to purchase all of the outstanding shares of common stock of Smart & Final Stores, Inc. (SFS) (“Smart & Final”).
NEW YORK, NY / ACCESSWIRE / June 13, 2019 / Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New York ...
A US$340m term loan backing Apollo Global Management’s purchase of supermarket chain Smart & Final priced on Tuesday morning but not before lead banks added a series of changes to the loan after failing to attract enough investors under the original terms, sources said. The loan priced at a steep discount, which investors suggested might imply a potential loss for banks arranging the financing. Such a loss, however, might be more than offset by remaining on good terms with sponsor Apollo, one of the most relevant private equity shops on the street.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Smart & Final Stores LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
WILMINGTON, Del., June 10, 2019 -- Rigrodsky & Long, P.A.: Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Saffron BorrowCo, LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
Smart & Final Stores, Inc. (SFS) (“Smart & Final”) and First Street Merger Sub, Inc. (the “Purchaser”), an entity controlled by funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, LLC (APO) (together with its consolidated subsidiaries, “Apollo”), a leading global alternative investment manager, today announced the successful completion of the previously announced transaction whereby the Purchaser acquired all of the outstanding shares of common stock of Smart & Final. The transaction was effected through a previously announced cash tender offer for all of the outstanding shares of common stock of Smart & Final followed by a merger.
We at Insider Monkey have gone over 738 13F filings that hedge funds and famous value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article we look at what those investors think of Smart & Final Stores Inc (NYSE:SFS). […]
Speculative grade companies looking to the leveraged loan market to fund their operations are bracing for heightened scrutiny from investors demanding greater compensation for deals being executed under a cloud of macroeconomic uncertainty. Some US leveraged loan borrowers, particularly companies languishing in single-B rated territory such as dialysis services provider US Renal Care, midstream water firm Waterbridge Operating and supermarket chain Smart & Final, have introduced improved covenant packages to skeptical investors while banks offer steeper discounts in a sign of their mounting challenges to underwrite loans. “Investors are concerned about downside scenarios and demanding more protections and higher pricing based on their perception risk,” said David Mihalick, head of US high yield investments at Barings, adding there is a “general risk-off sentiment” in both the bond and loan market.