Winn Dixie obtains $300 million asset-based revolver

By Sara Rosenberg

New York, Oct. 8 - Winn Dixie Stores Inc. amended and restated its senior secured credit facility, providing for a $300 million three-year asset-based revolver, containing multiple one-year renewal options. Wachovia Bank was the lead bank on the deal.

Under the amended and restated credit agreement, the minimum leverage ratio, fixed charge coverage ratio, funded debt to EBITDAR ratio and tangible net worth covenants were removed. Covenants under the new agreement include a minimum EBITDA requirement that will not be tested as long as the company is maintaining a minimum excess availability, according to a news release.

The facility replaces the company's prior 364-day and five-year revolvers.

Winn Dixie is a Jacksonville, Fla. Food retailer.

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