A&P obtains new $200 million letter-of-credit facility, negotiating $150 million revolver

New York, Oct. 18 - Great Atlantic & Pacific Tea Co., Inc. said it obtained a new $200 million letter-of-credit facility and terminated its old $335 million revolving credit facility.

The Montvale, N.J., supermarket operator is also negotiating a new $150 million revolver that it expects to complete in early November, according to a 10-Q filing with the Securities and Exchange Commission.

The new letter-of-credit facility is cash collateralized and is via Bank of America, NA.

Maturity is Oct. 14, 2006, and the fee on outstanding letters of credit is 15 basis points.

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