AutoZone boosts revolver to $1.25 billion, extends agreement till 2017

By Susanna Moon

Chicago, Dec. 4 - AutoZone, Inc. amended its revolving credit agreement Wednesday, lifting the size to $1.25 billion and extending the agreement to Sept. 13, 2017 with another one-year extension option, according to an 8-K filing with the Securities and Exchange Commission.

AutoZone also renewed its option to increase its borrowing capacity under the revolver and doubled the amount to $500 million, boosting the total maximum size to $1.5 billion from $1.25 billion.

The company amended the terms with Bank of America, NA, J.P. Morgan Securities LLC and several lenders.

The revolver size was increased from $1 billion and the maturity was pushed out from Sept. 13, 2016.

As of Wednesday, about $3.75 million in letters of credit were outstanding under the revolver.

The company previously entered into the amended credit agreement on Sept. 13, 2011 with Bank of America as administrative agent and JPMorgan Chase Bank, NA as syndication agent. The agreement was arranged by Bank of America Merrill Lynch and JPMorgan as the joint lead arrangers. Bank of America Merrill Lynch, JPMorgan, SunTrust Robinson Humphrey, Inc., U.S. Bank NA, Wells Fargo Securities, LLC and Barclays were the joint bookrunners.

The company is a Memphis-based automotive parts retailer.

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