Kmart to terminate $800 million revolver effective Jan. 3

By Sara Rosenberg

New York, Dec. 30 - Kmart Corp. has notified its lending group that it plans on terminating its $800 million revolving credit facility on Jan. 3, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

General Electric Capital Corp. is the administrative agent on the Troy, Mich., discount retailer's loan.

"In light of the company's strong balance sheet and liquidity position and after undertaking an analysis of the estimated working capital requirements, the company determined that it was no longer cost effective to maintain the credit facility," the filing explained.

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