A&P Completes $425 Million Revolving Credit Agreement.Business Editors MONTVALE, N.J.--(BUSINESS WIRE)--Feb. 28, 2001 The Great Atlantic & Pacific Tea Company, Inc. (A&P)(NYSE NYSE See: New York Stock Exchange :GAP) announced today that the Company has executed a three-year, $425 million secured Revolving Credit Agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. with a syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism led by JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Chase & Co. Commenting on this development, Mitchell P. Goldstein, Senior Vice President, Finance and Treasurer, said, "We are very pleased with the successful conclusion of this transaction. When combined with the previously-announced closings of several sale-leaseback transactions, our major financings are now complete and we continue to move forward with our Great Renewal II initiatives and other projects important to the ongoing improvement of the Company." As previously disclosed, funds borrowed under the Agreement will be used for general corporate purposes. The Agreement contains terms and conditions which reflect the Company's current operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. and profitability. The Agreement will mature on December 31, 2003. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about the future performance of the Company, which are based on Management's assumptions and beliefs in light of the information currently available to it. The Company assumes no obligation to update the information contained herein. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements including, but not limited to: changes in the financial markets which may affect the Company's cost of capital and the ability of the Company to access capital and complete anticipated transactions; competitive practices and pricing in the food industry generally and particularly in the Company's principal markets; the Company's relationships with its employees and the terms of future collective bargaining agreements The contractual agreement between an employer and a Labor Union that governs wages, hours, and working conditions for employees and which can be enforced against both the employer and the union for failure to comply with its terms. ; the costs and other effects of legal and administrative cases and proceedings; the nature and extent of continued consolidation in the food industry; supply or quality control problems with the Company's vendors; and changes in economic conditions which affect the buying patterns of the Company's customers. |
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