AutoZone gets $750 million 364-day credit agreement led by U.S. Bank

By Sarah Lizee

Olympia, Wash., April 7 – AutoZone, Inc. entered into a $750 million 364-day credit agreement on Friday with U.S. Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The termination date will be April 2, 2021.

Pricing is Libor plus 100 basis points to 140 bps, based on AutoZone’s unsecured debt rating.

In addition, facility fees will vary from 25 bps to 35 bps, also based the debt rating.

During periods when the company borrows 50% or more of amounts committed under the facility, usage fees will be 25 bps based on the debt rating.

The agreement contains affirmative, negative and financial covenants.

U.S. Bank is the lead arranger. Bank of America, NA, PNC Bank, NA, Mizuho Bank, Ltd. and Truist Bank are bookrunners and co-syndication agents. JPMorgan Chase Bank, NA is the documentation agent.

AutoZone is a Memphis-based auto parts and supplies retailer.

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