A&p Refinances Debt in Deal with Wells Fargo

By Verdon, Joan | The Record (Bergen County, NJ), September 19, 2014 | Go to article overview

A&p Refinances Debt in Deal with Wells Fargo


Verdon, Joan, The Record (Bergen County, NJ)


The Great Atlantic & Pacific Tea Co. (A&P) said Thursday that it has completed the refinancing of its existing senior debt, and received terms that reduce its interest costs and improve its cash flow.

The Montvale-based supermarket company, which has 300 stores in six states, said it has arranged with Wells Fargo Capital Finance for a new $300 million senior asset-based credit facility and a $270 million senior secured term loan through an amendment and restatement of its existing credit agreements. An asset-based credit facility is a revolving line of credit that allows retailers to draw funds and cover such costs as inventory purchases and accounts receivable.

Paul Hertz, president and chief executive of A&P, said in a statement that the company is "extremely pleased to have completed the refinancing of our credit facilities on attractive terms that reduce our borrowing costs and provide greater operational and financial flexibility." Hertz said the new terms put A&P "in a much stronger financial position and allow us to focus on investing in our business by supporting and accelerating our growth strategies."

The company, in a news release, said the successful refinancing "reflects the debt market's confidence in A&P's ongoing progress and prospects for future growth."

A&P filed for bankruptcy in 2010, and emerged from Chapter 11 bankruptcy protection in March 2012 as a private company.

Earlier this year, credit rating agencies Moody's and Standard & Poor's upgraded their negative ratings for A&P. …

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