A&P Extends and Amends $400 Million Revolving Credit Facility.Business Editors MONTVALE, N.J.--(BUSINESS WIRE)--Dec. 4, 2003 The Great Atlantic & Pacific Tea Company, Inc. (A&P) (NYSE NYSE See: New York Stock Exchange :GAP) announced today that it has extended and amended its senior secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The amended $400 million facility has been extended to provide an additional 2-1/2 years of term and will now expire in December 2007. In addition, the amended facility provides the Company with greater operating flexibility and provides for increased capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. provided availability under the facility exceeds specified amounts. There are no financial covenants as long as availability under the facility exceeds $50 million. Christian Haub, Chairman of the Board, President & Chief Executive Officer, said, "Completion of this financing initiative provides the company with the additional liquidity and operating flexibility necessary to continue the turnaround process in both our US and Canadian businesses." The credit facility was arranged by JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. Bank in conjunction with its affiliate J.P. Morgan Business Credit Corp. Founded in 1859, A&P was one of the nation's first supermarket chains, and is today among North America's largest. The Company operates 643 stores in 11 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Ontario, Canada under the following trade names: A&P, Waldbaum's, The Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Sav-A-Center, Dominion, The Barn Markets, Food Basics
Food Basics is a no-frills Canadian supermarket chain created by A&P Canada to compete with the successful No Frills warehouse style supermarket operated by Loblaw. and Ultra Food & Drug. |
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