Contrary to market expectations. Citibank beat out Bankers Trust Co. to lead a $1.3 billion credit backing SuperValu Inc.'s planned purchase of rival food wholesaler Wetterau Inc.

Until this week, Bankers Trust had been the presumptive lead, mainly because it heads up an existing $300 million commercial paper backup line for SuperValu. In addition, its securities subsidiary is the dealer for the company's commercial paper program.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.