Great Atlantic & Pacific to launch $750 million facility on Wednesday

By Sara Rosenberg

New York, Jan. 17 - Great Atlantic & Pacific Tea Co. Inc. (A&P) is set to hold a bank meeting on Wednesday in New York at 12:30 p.m. ET to launch a proposed $750 million exit facility, according to a market source.

J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

The facility consists of a $400 million ABL revolver and a $350 million term loan, the source said.

Proceeds will be used to repay the company's existing debtor-in-possession facility, pay Chapter 11 emergence costs and for general corporate purposes.

A&P is a Montvale, N.J.-based operator of supermarkets.

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