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AutoZone lifts revolving commitments to $1.25 billion, extends to 2019
By Susanna Moon
Chicago, Dec. 22 – AutoZone Inc. boosted the committed credit amount on its revolving credit agreement to $1.25 billion and extended the maturity to Dec. 19, 2019.
Interest on the loans will be Libor plus 79.5 bps to 130 bps, based on the company’s credit ratings. The facility fee ranges from 8 bps to 20 bps.
The company amended its credit agreement last Friday with Bank of America, NA as administrative agent and swingline lender, according to an 8-K filing with the Securities and Exchange Commission.
Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities LLC are the joint lead arrangers. Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., U.S. Bank NA, Wells Fargo Securities, LLC and Barclays are the joint bookrunners.
JPMorgan is the syndication agent.
The commitments were increased from $1 billion.
AutoZone also may make two separate one-year extension options.
The revolver includes a $75 million sublimit for swingline loans and a $200 million aggregate sublimit for letters of credit.
364-day credit agreement
AutoZone also entered into an amended $500 million 364-day credit agreement last Friday with Wells Fargo Bank, NA as administrative agent, U.S. Bank NA as syndication agent, arranged by Wells Fargo and U.S. Bank as joint lead arrangers and joint bookrunners.
The agreement terminates on Dec. 19, 2015, but AutoZone may request an extension of the termination date for 364 days after the original termination date.
After exercising the term-out option, AutoZone may not borrow or reborrow additional funds under the 364-day credit agreement. AutoZone will pay a fee of 100 bps to the lenders upon exercise of the term-out option.
Interest on the revolving loans will be Libor plus 92 bps to 132.5 bps based on the company’s debt rating. The facility fees range from 8 bps to 17.5 bps.
AutoZone is a Memphis-based automotive parts retailer.
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