BRUSSELS, Belgium, Jan. 6, 2003 (PRIMEZONE) -- Delhaize Group (Euronext Brussels:DELB) (NYSE:DEG), the Belgian international food retailer, today announced that its U.S. subsidiary Delhaize America has amended its existing revolving credit facility. Delhaize America has no current borrowing on this credit facility. It is in place primarily as backup for possible seasonal liquidity needs.
Delhaize America is a holding company that operates supermarkets along the east coast of the United States under the banners Food Lion, Hannaford and Kash n' Karry. In January 2000, Delhaize America put in place a five-year revolving credit facility for its seasonal working capital and other liquidity needs. Delhaize America amended this credit facility to provide additional flexibility in the Company's covenant requirements and to take into account decreased financing needs.
The amended credit facility was reduced from USD 500 million to USD 350 million and will mature on July 31, 2005. The credit facility is secured by certain inventory of the Delhaize America operating companies. The lead-arranger of the amended credit facility was JPMorgan Chase Bank.
Delhaize Group
Delhaize Group is a Belgian food retailer present in ten countries on three continents. At the end the third quarter of 2002, Delhaize Group's sales network consisted of 2,495 stores. In 2001, Delhaize Group posted EUR 21.4 billion (USD 19.2 billion) in sales and cash earnings of EUR 339.0 million (USD 303.6 million). Delhaize Group employs approximately 147,000 people. Delhaize Group is listed on Euronext Brussels and the New York Stock Exchange.
This press release is available in English, French and Dutch. You can also find it on the web site http://www.delhaizegroup.com. Questions can be sent to investor@delhaizegroup.com.
Some of the statements in this press release and other written and oral statements made from time to time by Delhaize Group and its representatives are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of Securities Exchange Act of 1934, as amended, and involve a number of risks and uncertainties. These statements include, but are not limited to, statements about strategic options, future strategies and the anticipated benefits of these strategies. These statements are based on Delhaize Group's current expectations. Delhaize Group's actual results could differ materially from those stated or implied in such forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements are described in Delhaize Group's Annual Report on Form 20-F for the year ended December 31, 2001 and other periodic filings made by Delhaize Group and Delhaize America with the U.S. Securities and Exchange Commission, which risk factors are incorporated herein by reference. Delhaize Group and Delhaize America disclaim any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments