A loan package for Albertsons LLC is raising speculation that the Boise supermarket chain's new owner is preparing to sell some of its properties.
A $1.15 billion credit pact signed this month stipulates that Albertsons must in certain cases use all proceeds from sales of secured assets where the loan backing a property is more than 40 percent of the value to pay down debt, said a person with knowledge of the deal who asked not to be identified because the terms aren’t public.
The amount scales down as the ratio decreases.
Such detailed formulas are unusual and indicate that Albertsons' principal owner, Cerberus Capital Management, is divvying up the company’s properties, according to Jonathan Insull, money manager at Crescent Capital Group.
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