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The Kroger Co. has amended and restated its $2 billion revolving credit facility originally negotiated in November 2010.
Now set to expire in January 2017, the facility is used for general corporate purposes, including commercial paper backstop. Twenty-four financial institutions, led by Bank of America and Citibank as administrative and syndication agents, will participate in the facility. The group also includes The Royal Bank of Scotland, U.S. Bank and Wells Fargo Bank as co-documentation agents.
“We are pleased with the banking community's continued confidence in Kroger’s financial strength,” said Mike Schlotman, Kroger CFO. “This credit facility provides Kroger with the ongoing financial flexibility to successfully execute our ‘Customer 1st’ strategy.”
A copy of the 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 Jan. 27.
Cincinnati-based Kroger operates 2,439 supermarkets and multidepartment 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.