DAYVILLE, Conn., May 4 /PRNewswire-FirstCall/ -- United Natural Foods,
Inc. (Nasdaq: UNFI) today announced that it has entered into an amended and
restated four-year $250 million revolving credit facility with a bank group
that was led by Bank of America Business Capital (formerly Fleet Capital
Corporation) as the administrative agent, effective April 30, 2004. The
amended and restated credit facility provides for improved terms and
conditions that provide the Company with more financial flexibility and
reduced costs, as well as increased liquidity. The new credit facility
replaces an existing $150 million revolving credit facility. The Company's
outstanding commitments under the amended and restated credit facility as of
April 30, 2004 were approximately $123 million.
"We are pleased to continue our long and successful relationship with
Fleet Capital Corporation," said Steven Townsend, Chief Executive Officer.
"Our new credit facility provides us with the financial flexibility to
capitalize on future internal and external growth opportunities including
strategic buying initiatives, the expansion of key distribution centers, new
technologies and the ability to pursue strategic acquisition opportunities
that may arise in the future."
About United Natural Foods
United Natural Foods, Inc. carries and distributes over 32,000 products to
more than 14,000 customers nationwide. The Company serves a wide variety of
retail formats including conventional supermarket chains, natural product
superstores, independent retail operators and the food service channel. For
more information on United Natural Foods, Inc., visit the Company's web-site
at www.unfi.com .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release regarding the Company's business
that are not historical facts are "forward-looking statements" that involve
risks and uncertainties. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in the
forward-looking statements, including but not limited to general business
conditions, the impact of competition and the Company's dependence on
principal customers, see "Risk Factors" in the Company's quarterly report on
Form 10-Q filed with the Securities and Exchange Commission on March 16, 2004,
and its other filings under the Securities Exchange Act of 1934, as amended.
Any forward-looking statements are made pursuant to the Private Securities
Litigation Reform Act of 1995 and, as such, speak only as of the date made.
The Company is not undertaking to update any information in the foregoing
reports until the effective date of its future reports required by applicable
laws.
SOURCE United Natural Foods, Inc.
-0- 05/04/2004
/CONTACT: Rick D. Puckett, Chief Financial Officer of United Natural
Foods, +1-860-779-2800; or General Information, Joseph Calabrese,
+1-212-445-8434, or Analyst Information, Vanessa Schwartz, +1-212-445-8433,
both of Financial Relations Board/
/Web site: http://www.unfi.com /
(UNFI)
CO: United Natural Foods, Inc.; Bank of America Business Capital; Fleet
Capital Corporation
ST: Connecticut