Cincinnati-based grocery giant Kroger has executed new revolving credit facilities totalling US$1.95bn.

The facilities consist of: a 364-day credit agreement in the amount of US$1.25bn, which replaces a similarly dated facility in the amount of US$812.5m that was due to expire this month; and a five-year credit facility for US$700m that replaces a US$1.875bn facility acquired by Kroger during its merger with Fred Meyer in 1999.

"These credit facilities are an important part of Kroger's financial strategy," said Scott Henderson, Kroger VP and treasurer. "Commitment levels exceeded our expectations and we appreciate the continuing support of our banks."

Citibank and JPMorgan Chase Bank are co-Administrative Agents for the consortium of bank lenders. Bank of America, Bank One, The Bank of Tokyo-Mitsubishi, and Union Bank of California are co-Syndication Agents.

Copies of the credit agreements will be filed with the Securities and Exchange Commission (SEC) on Form 8-K.