Monro Muffler gets five-year $600 million revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Jan. 28 – Monro Muffler Brake, Inc. obtained a five-year $600 million senior secured revolving credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has an accordion feature allowing the company to request to increase the facility by up to an additional $100 million. The revolver replaces a $350 million facility, which had a $75 million revolver and would have expired in December 2017.

The facility bears interest at Libor plus 75 basis points to 175 bps, and the commitment fee ranges from 15 bps to 40 bps, based on the company’s ratio of consolidated debt to EBITDAR.

Initially, interest is at Libor plus 100 bps and the commitment fee at 20 bps.

Citizens Bank, NA, JPMorgan Chase Bank, NA, Keybanc Capital Markets, Inc. and Bank of America Merrill Lynch acted as joint lead arrangers and bookrunners; Bank of America, NA, JPMorgan and KeyBank NA as co-syndication agents; and Branch Banking & Trust Co., TD BANK, NA and Wells Fargo Bank, NA as co-documentation agents.

Citizens Bank is the administrative agent.

The credit agreement’s terms are consistent with those of the previous credit facility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.