BUZZ-Supervalu: To sell Save-A-Lot for $1.37 bln
** Grocery retailer's shares up about 9 pct at $5.48
** To sell its Save-A-Lot business to Canadian private equity firm Onex Corp for $1.37 bln, more than a year after making public plans to spin off the discount grocery chain
** Expects to use sale proceeds to prepay at least $750 mln of outstanding term loan
** Up to Friday's close, stock had lost almost 40 percent of its value since July last year, when company announced spinoff
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