CORRECTING and REPLACING Save A Lot Announces Successful Refinancing Transactions

- New Five-Year Asset-Based Lending Credit Facility

- Extended Maturity of Existing Term Loans

- Improved Liquidity, Operational Flexibility, and Lower Borrowing Cost

First paragraph, first sentence of release should read: "Moran Foods, LLC (Save A Lot) today announced the successful closing, effective December 30, 2022...." (instead of "Moran Foods, LLC (Save A Lot) today announced the successful closing, effective December 30, 2002...").

The updated release reads:

SAVE A LOT ANNOUNCES SUCCESSFUL REFINANCING TRANSACTIONS

- New Five-Year Asset-Based Lending Credit Facility

- Extended Maturity of Existing Term Loans

- Improved Liquidity, Operational Flexibility, and Lower Borrowing Cost

Moran Foods, LLC (Save A Lot) today announced the successful closing, effective December 30, 2022, on the refinancing of debt facilities put in place at the time of the Company’s 2020 restructuring.

The refinancing includes a new $200 million, five-year asset-based lending credit facility (“ABL”), comprised of a $180 million traditional ABL and a $20 million First In Last Out ABL Facility (“FILO”), that refinances a more restrictive $150 million ABL and an expensive $48 million FILO. In addition, the Company extended the maturity of approximately $377 million of existing Term Loans, including First-Lien Term Loans totaling approximately $250 million, with maturities extended to June 30, 2026, and Second-Lien Term Loans totaling approximately $127 million, with maturities extended to December 31, 2026. A total of approximately $22 million of existing Second-Lien Term Loans were not extended and will mature on October 1, 2024. The Company also extended $15 million of commitments under the Super-Senior Credit Facility to June 30, 2026.

“The financial stability brought on by our transformation into a branded wholesaler, focused on supporting our independent licensees, has allowed us to complete a refinancing of the business, putting in place a more traditional asset-based lending facility and extending the maturities of most of our existing term loans. The benefits of this include improved liquidity, increased operational flexibility, and lower borrowing costs,” said Leon Bergmann, Chief Executive Officer of Save A Lot. “We believe this will translate into a greater opportunity for us to both invest in growth, through our licensed retail store model, and, coupled with our on-going sale of excess real estate, provide a path to potential meaningful debt reduction that will further strengthen our balance sheet and accelerate growth. We want to thank our existing lenders, most of whom are also our shareholders, and the other financial institutions that supported us in the completion of this important initiative.”

About Save A Lot

Founded in 1977, Save A Lot is one of the largest discount grocery store chains in the U.S., with more than 850 stores in 32 states. True to its mission of being a hometown grocer, Save A Lot provides unmatched quality and value to local families. Customers enjoy significant savings compared to traditional grocery stores on great tasting, high quality private label brands, national brand products, USDA-inspected meat, farm-fresh fruits and vegetables, and other non-food items. For more information visit www.SaveALot.com and follow Save A Lot on Facebook (facebook.com/savealot), Twitter (@savealot), and Instagram or TikTok (@SaveALotFoodStores), or for more information on becoming a Save A Lot independent retail operator, visit ownasavealot.com.

Forward-Looking Statements

This press release may contain forward-looking statements, including, but not limited to, our financing plans, including the refinancing facilities and the details thereof, including the proposed use of proceeds therefrom, and other expected effects of the consummation of the refinancing facilities. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in our most recent annual and quarterly reports and detailed from time to time in our other filings with the Securities and Exchange Commission, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes, except as required by law.

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