CINCINNATI, Nov. 8, 2010 /PRNewswire-FirstCall/ -- The Kroger Co. (NYSE: KR) announced today that it has negotiated a new $2.0 billion revolving credit facility. The facility replaces a $2.5 billion facility that would have matured in November 2011.
The facility will be used for general corporate purposes, including commercial paper backstop. Twenty-three financial institutions will participate in the facility. The bank group is led by Bank of America and Citibank as administrative and syndication agents, respectively. The group also includes The Royal Bank of Scotland, U.S. Bank, and Wells Fargo Bank as co-documentation agents.
"We are very pleased with the clear showing of support and confidence from the banking community, particularly during a challenging credit market," said Scott Henderson, Kroger's Vice President and Treasurer. "This new revolving credit facility provides Kroger with the financial flexibility to continue executing its business and financial strategies."
A copy of the 3.5-year credit agreement will be made available on a Form 8-K that the Company expects to file with the Securities and Exchange Commission by November 12, 2010.
Kroger, the nation's largest traditional grocery retailer, employs more than 334,000 associates who serve customers in 2,468 supermarkets and multi-department stores in 31 states under two dozen local banner names including Kroger, City Market, Dillons, Jay C, Food 4 Less, Fred Meyer, Fry's, King Soopers, QFC, Ralphs and Smith's. The Company also operates 784 convenience stores, 372 fine jewelry stores, 932 supermarket fuel centers and 40 food processing plants in the U.S. Kroger, headquartered in Cincinnati, Ohio, focuses its charitable efforts on supporting hunger relief, health and wellness initiatives, and local organizations in the communities it serves. For more information about Kroger, please visit www.kroger.com.
SOURCE The Kroger Co.
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