A&P amends $400 million revolver to extend maturity to December 2007

By Sara Rosenberg

New York, Dec. 4 - The Great Atlantic & Pacific Tea Co. Inc. (A&P) amended its $400 million senior secured revolver, extending the tenor by 2½ years to December 2007, according to company news release. JPMorgan Chase Bank arranged the deal.

Furthermore, the amendment provides the company with greater operating flexibility and increased capital spending provided availability under the facility exceeds specified amounts. There are no financial covenants as long as availability under the facility is greater than $50 million.

"Completion of this financing initiative provides the company with the additional liquidity and operating flexibility necessary to continue the turnaround process in both our U.S. and Canadian businesses," said Christian Haub, chairman of the board, president and chief executive officer, in the release.

A&P is a Montvale, N.J., supermarket chain.

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