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Supervalu refinances $1.5 billion senior secured term loan agreement

BY Michael Johnsen

MINNEAPOLIS — Supervalu on Thursday successfully completed the refinancing of its existing $1.5 billion senior secured term loan agreement. The amendment reduces the interest rate margin from 5% to 4% and reduces the LIBOR floor from 1.25% to 1% for LIBOR based loans. 

The amendment also expands the ability to increase the term loan, subject to a secured leverage test, by up to $500 million. The maturity date of the term loan remains March 2019. Since the term loan was refinanced within the first year of its inception, the company paid the existing term loan lenders a 1% refinancing premium per the terms of the loan agreement. 

Credit Suisse and Goldman Sachs Bank USA acted as joint lead book-runners and joint lead arrangers while Morgan Stanley, Bank of America Merrill Lynch and Barclays acted as co-managers on the amendment.


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Simon Doonan and Nexxus create window dressing at Radio City Duane Reade store

BY Marianne Wilson

ENGLEWOOD CLIFFS, N.J. — Nexxus Salon Hair Care, in what it called a “first-of-its-kind” installation at a drug store chain, unveiled a window display tribute to the Tony Awards and Broadway at the Duane Reade store across from Radio City Music Hall in Manhattan. The installation was created by Simon Doonan, creative ambassador for Barneys New York, who is best known for his whimsical, and sometimes outrageous, window displays.

“I love new challenges and was thrilled Nexxus asked me to do something that’s never been done before — to take the art of high-end luxury window dressing and put it in the context of a classic American drugstore,” said Simon Doonan. “This project has been a blast because I get to do what I love — design creative over-the-top window designs — and celebrate my passion for Broadway, but with a new twist.”

The window, accented by lights like those on a Broadway marquee, features an oversized photograph of a glamorous woman, on stage, presenting a Tony Award. Her show-stopping hair is made entirely of Nexxus Salon Hair Care bottles, while her dress is designed out of Tony Awards posters. The backdrop includes a wall of stacked hair conditioners. The display also encourages passers-by to tune in June 9 for the live broadcast of the Tony Awards.

The design will be on display through June 16 at the Duane Reade located at 51 West 51st Street, across from Radio City Music Hall, the venue for the 67th Annual Tony Awards.


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Senate confirms Marilyn Tavenner as CMS administrator

BY Alaric DeArment

ARLINGTON, Va. — The Senate voted overwhelmingly to confirm a former Virginia Health and Human Services secretary as administrator of the Centers for Medicare and Medicaid Services.

Members of the Senate voted 91-7 in favor of confirming Marilyn Tavenner to lead CMS, drawing praise from a retail pharmacy trade group.

"Often, much is said about a nominee’s qualifications for a leadership position such as the administrator of CMS," National Association of Chain Drug Stores president and CEO Steve Anderson said. "And I go further to say that her life story is a testament to the genuine care and dedication to patients that must drive the improvement of healthcare delivery in the United States."

Tavenner, who began her career as a nurse, was previously acting administrator of CMS.


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