Kroger restates $2.75 billion revolver at Libor plus 87.5-150 bps

By Wendy Van Sickle

Columbus, Ohio, Aug. 29 – Kroger Co. inked an amended and restated credit agreement Tuesday for a $2.75 billion five-year revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans is Libor plus 87.5 basis points to 150 bps based on leverage. The commitment fee ranges from 7 bps to 17.5 bps.

The company may upsize the facility by up to $1 billion.

Bank of America Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Mizuho Bank, Ltd. and U.S. Bank NA are the joint lead arrangers and bookrunners.

Bank of America, NA and Wells Fargo Bank NA are co-administrative agents. Citibank, NA is the syndication agent. Mizuho Bank, Ltd. and U.S. Bank NA are the co-documentation agents.

Kroger must comply with covenants including a leverage ratio and a fixed-charge coverage ratio.

The credit agreement will mature on Aug. 29, 2022.

Proceeds may be used for general corporate purposes.

Kroger is a Cincinnati-based grocery retailer.

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