BofA, Citibank Agent Amendment to Kroger’s $2 Billion Revolver
The Kroger Co. announced that it has amended and restated its $2 billion revolving credit facility originally negotiated in November 2010. The amended facility will expire in January 2017.
The facility is used for general corporate purposes, including commercial paper backstop. Twenty-four financial institutions will participate in the facility. Bank of America and Citibank led the bank group 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 pleased with the banking community’s continued confidence in Kroger’s financial strength,” said Mike Schlotman, Kroger’s chief financial officer. “This credit facility provides Kroger with the ongoing financial flexibility to successfully execute our Customer 1st strategy.”
Kroger is a grocery retailer that has 2,439 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 796 convenience stores, 363 fine jewelry stores, 1,067 supermarket fuel centers and 40 food processing plants in the U.S.
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