JACKSONVILLE, Fla. — Winn-Dixie Stores has arranged for a $600 million asset-backed revolving credit facility, the retailer here said in a filing Tuesday.
The credit agreement will allow Winn-Dixie to borrow and have letters of credit issued from time to time in an aggregate amount equal to the lesser of $600 million or the aggregate value of eligible base assets including accounts receivable, pharmacy scripts, inventory, credit card receivables and real estate.
The facility has a five-year term expiring in March 2016. Winn-Dixie said proceeds from the facility would be used for working capital and general corporate purposes. Around $146 million issued under the company's prior revolving credit facility was continued as letters of credit outstanding under the new agreement.
Wells Fargo is the administrative lender for the new facility. Wells Fargo and GE Capital are co-collateral agents.
