We advised Moran Foods on the refinancing

Davis Polk advised Moran Foods, LLC (d/b/a Save A Lot) in connection with the amendment and extension and refinancing of its term loan and ABL credit facilities, consisting of a $175 million first-lien term loan facility and an incremental $75 million first-lien second-out term loan facility, a $149 million second-lien term loan facility and a $15 million supersenior delayed-draw term loan facility and a $180 million asset-based revolving credit facility and a $20 million asset-based first-in-last-out term loan facility provided by a group of commercial banks. The refinancing of the term facilities served to restructure Moran Foods’ capital structure pursuant to a cashless exchange of approximately $75 million of second-lien term loans for incremental first-lien second-out term loans and decrease overall debt service under the capital structure as a whole.

Founded in 1977, Save A Lot is one of the largest discount grocery store chains in the United States, with more than 850 stores in 32 states.

The Davis Polk finance team included partner Hilary Dengel, counsel Mayer J. Steinman and associates Bernard Tsepelman and Roxanne Walton. Partners Lucy W. Farr, Mario J. Verdolini and Kara L. Mungovan and associates Ted Lee and Yueyu Yang provided tax advice. Partner Brian M. Resnick provided restructuring advice. Partner Michael Davis provided corporate advice. All members of the Davis Polk team are based in the New York office.

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