BJ’s Wholesale Club Inc. (BJ), the third- largest U.S. warehouse-club chain, is seeking to refinance loans it obtained in September to back its buyout by Leonard Green & Partners LLP and CVC Capital Partners, according to a person with knowledge of the matter.
Deutsche Bank AG is leading the refinancing and will host a call on Feb. 27 at 2 p.m. in New York, said the person who declined to be identified because the deal’s private.
In September, the Westborough, Massachusetts-based company got $2.18 billion in loans to support the leveraged buyout, according to data compiled by Bloomberg. The debt included a $1.07 billion first-lien term loan due in September 2018, a $200 million second-lien portion due in March 2019, and $900 million of asset-backed loans maturing in September 2016, the data show.
A phone call and e-mail sent to BJ’s media relations office weren’t immediately returned.
Costco Wholesale Corp. and Wal-Mart Stores Inc.’s Sam’s Club are the two biggest warehouse-club chain positions.
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