The Kroger Co. (NYSE: KR) today announced it has executed a new $1.625 billion revolving credit facility consisting of a 364-day credit agreement in the amount of $812.5 million and a five-year credit agreement in the amount of $812.5 million. This facility replaces Kroger’s existing 364-day credit agreement, which was to mature in May 2001 if not extended as provided in the agreement, and its existing five- year credit agreement, which was to mature in May 2002.
“This new revolving credit facility provides the Company with the financial flexibility to continue executing its financial strategy,” said Michael Schlotman, Kroger group vice president and chief financial officer.
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Citibank, N.A. and The Chase Manhattan Bank are co-Administrative Agents for the consortium of bank lenders. Bank of America, N.A., Bank One, NA, and The Bank of New York are co-Syndication Agents. Copies of the credit agreements are contained in a Form 8-K filed yesterday with the Securities and Exchange Commission.
Headquartered in Cincinnati, Ohio, Kroger is one of the nation’s largest retail grocery chains. At the end of fiscal 2000, the Company operated 2,354 supermarkets and multi-department stores in 31 states under nearly two dozen banners, including Kroger, Fred Meyer, Ralphs, Smith’s, King Soopers, Dillon, Fry’s, City Market, Food 4 Less and Quality Food Centers. Kroger also operates 789 convenience stores, 398 fine jewelry stores, 77 supermarket fuel centers and 42 food processing plants.
