PLEASANTON, Calif. — Safeway here said Tuesday that it has entered into a new four-year, $1.5 billion revolving credit facility, effective June 1.
The facility replaces a $1.6 billion facility that would have matured on June 1, 2012. Up to $250 million of the revolving credit facility is available for borrowings by Safeway's Canadian subsidiary.
The facility will be used for general corporate purposes. A group of 25 banks will participate.
"We are very pleased with the tremendous support we received from our banking partners," said Melissa Plaisance, senior vice president, finance and investor relations. "This new revolving credit facility provides Safeway with the flexibility to efficiently fund its working capital needs."