<p>Unified Grocers has refinanced its senior credit facilities, including both the replacement of the existing revolving credit facility together with the pay-down of approximately half of its higher rate senior secured notes. It expects more flexibility and lead to a reduction in its ongoing borrowing costs as a result.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">The new credit agreement is a $316 million 5-year credit facility. It consists of a $275 million revolver, an asset-based facility with borrowings based on inventory and receivables, and a $41 million term loan, secured by certain of Unified's real property. Wells Fargo Capital Finance (lead), BMO Harris Bank, Bank of America, Union Bank, PNC and Bank of the West are participating in the financing. The company is also partially paying down ($50 million) of the its fixed rate senior secured notes with the remaining notes maturing in January 2016.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">"By leveraging our significant asset base and limiting the extent of financial covenants within the agreements, we expect much greater flexibility and overall efficiency in the day-to-day operation of our business. We are confident this financing will provide the foundation to execute on our initiatives and we appreciate the support received from our lending group," said Bob Ling, president and chief executive officer, Unified Grocers.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://www.unifiedgrocers.com/EN/Pages/default.aspx " target="_new"> Unified Grocers </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">
