Safeway Enters Credit Pact
way here said it has entered into a new unsecured bank credit agreement with a group of 29 banks in the United States and Canada. Under the agreement, Safeway may borrow up to $1.15 billion, including up to $400 million in Canadian dollars. The company said it expects to use borrowings under the agreement for general corporate purposes. Safeway said the agreement provides more flexible covenants than its previous bank facilities, as well as an extended maturity date and lower borrowing costs. The new agreement matures on May 24, 2000, and provides for two one-year extension options. Borrowings under the previous bank facilities were provided on a secured basis.
Sentence Given in Lennon Murder
NEW CITY, N.Y. -- Michelle Lennon was sentenced here to 20 years to life in prison for the murder of her husband, Brook Lennon, who was senior vice president of merchandising for Grand Union Co., Wayne, N.J., at the time of his death last June.
Michelle Lennon pleaded guilty to second degree murder May 1.
Her accomplice and boyfriend, Robert Tomassi, is scheduled to be sentenced June 28. He has pleaded guilty to first degree manslaughter and could face 12 1/2 to 28 years in prison.
The crime took place at the Lennons' house in the Rockland County town of Monsey, N.Y. According to Michael E. Bongiorno, Rockland County district attorney, the couple beat Brook Lennon with a baseball bat, placed a plastic bag over his head and strangled him with a telephone cord.
After killing him, Lennon and Tomassi dumped his body in a secluded area of the county, Bongiorno said.
IGA, Coke Go to Bat for Softball
CHICAGO -- IGA here is teaming up with Coca-Cola USA, Atlanta, to support the Amateur Softball Association.
The sponsorship was crafted in honor of the USA Women's National Softball Team, made up of ASA members, which will compete in the Olympics for the first time in 1996.
The promotion -- which runs from next month through September 1996 -- includes three in-store sweepstakes. Two offer trips to the Olympics, while a third offers softball-themed merchandise and equipment. Sponsorship of some 60 national tournaments is also part of the program.
In addition, Coca-Cola has agreed to donate a percentage of the sales of its products at IGA stores to the ASA. That figure is expected to be at least $100,000.
Tornado Damages Big Y Store
SPRINGFIELD, Mass. -- One store owned by Big Y Foods here was damaged last week when a tornado touched down in its vicinity on Memorial Day.
As a result of the storm, the store in Great Barrington, Mass., sustained some damage to roof-top equipment, causing leaks in the ceiling.
The power was knocked out, as well, meaning that some product was lost but the losses were minimal because of the holiday weekend, said Claire D'Amour, vice president of corporate affairs.
Neither customers nor employees were injured, nor was there any window damage. Nevertheless, the store was closed from Monday through Thursday until roads leading to the store could be cleared, she said.
Siebert Forms Food Industry Division
STAMFORD, Conn. -- Siebert Associates, a merger and acquisition firm here, has formed a new division devoted exclusively to the food industry.
The division will be headed by Rod Edens 3rd, vice president. Edens will be based in Austin, Texas, but will cover the entire country, with special emphasis on the South and the West.
"The Food Institute just released a report that tracked 519 food business-related mergers and acquisitions during 1994, a 7% increase from 1993," Edens said. "My job will be to explore these opportunities, bring buyers and sellers together and facilitate and finance transactions."
Before joining Siebert, Edens was marketing and brand manager at Jardine Foods, an Austin-based snack manufacturer with national and international distribution. Prior to that, he was general manager and director of marketing for Pint Size, an Austin ice cream company.