CREATE command denied for user that has GRANT ALL PRIVILEGES

I am trying to set up a MySQL replication slave, and am having a very difficult time running LOAD DATA FROM MASTER;. Yes, I know it is deprecated, but I am running MySQL 5.1, and that isn't my problem at the moment.

For some reason MySQL keeps telling me the CREATE command is denied, but a check of SHOW GRANTS says otherwise. Check this out:

mysql> SHOW GRANTS;
+--------------------------------------------------------------------------------------------------------------------+
| Grants for replicator@%                                                                                            |
+--------------------------------------------------------------------------------------------------------------------+
| GRANT ALL PRIVILEGES ON *.* TO 'replicator'@'%' IDENTIFIED BY PASSWORD '*ABCDEFABCDEFABCDEFABCDEFBLAHBLAHBLAHBLAH' |
+--------------------------------------------------------------------------------------------------------------------+
1 row in set (0.00 sec)

mysql> LOAD DATA FROM MASTER;
ERROR 1142 (42000): CREATE command denied to user 'replicator'@'localhost' for table 'aggregate'
mysql>

What I thought was odd here is that when calling LOAD DATA FROM MASTER, it thinks I am 'replicator'@'localhost', yet SHOW GRANTS says 'replicator'@'%'. Just to be safe, I gave the same privs to 'replicator'@'localhost' as well.

mysql> SHOW GRANTS FOR 'replicator'@'localhost';
+----------------------------------------------------------------------------------------------------------------------------+
| Grants for replicator@localhost                                                                                            |
+----------------------------------------------------------------------------------------------------------------------------+
| GRANT ALL PRIVILEGES ON *.* TO 'replicator'@'localhost' IDENTIFIED BY PASSWORD '*ABCDEFABCDEFABCDEFABCDEFBLAHBLAHBLAHBLAH' |
+----------------------------------------------------------------------------------------------------------------------------+
1 row in set (0.00 sec)

So, any thoughts on why this is all messed up? Yes, I did FLUSH PRIVILEGES many times as well.

Thanks in advance for any advice you can give.