PHILADELPHIA – Pep Boys announced this week it has reduced the interest rate on its $320 million senior secured term loan facility due 2013 syndicated by Wachovia Capital Markets, LLC from London Interbank Offered Rate (LIBOR) plus 2.75 percent to LIBOR plus 2 percent.
CFO Harry Yanowitz said, “We appreciate the confidence of our lenders in the company’s creditworthiness, cash flow and improving operating performance.”
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