New York Ruddick Corp., the parent of Harris Teeter supermarkets and textile maker American & Efird Inc., said in a regulatory filing Thursday it received a credit facility worth up to $450 million.
In a filing with the Securities and Exchange Commission, Ruddick said it agreed with a coalition of banks to receive a five-year revolving credit facility worth up to $350 million and a non-amortizing term loan of $100 million, due December 2012. Amortization is debt repayment scheduled in regular intervals.
Ruddick has an option to increase the revolving credit facility by $100 million and has two one-year maturity extension options which require the consent of lenders.
Ruddick ended its previous $350 million credit facility due to the new agreement by paying it in full.