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ZAANDAM, the Netherlands - Ahold said yesterday that its American subsidiary, U.S. Foodservice, has entered into a new $600 million receivable 364-day securitization program with three banks.
The new agreement, which was entered into Aug. 24, replaces the aggregate $490 million variable-investment certificates commitments under the existing securitization programs, with immediate effect.
Ahold c.f.o. Hannu Ryopponen said in a statement: "We are happy to have reached agreement on terms and conditions that are very much in line with market standards and that include improved pricing."