PHILADELPHIA -- Pep Boys has engaged Wachovia Capital Markets, LLC to structure, arrange and privately syndicate a $120 million increase to its current $200 million senior secured term loan facility, expected to be completed in October or November. The proceeds from the facility will be used to repay other indebtedness.

The closing of the amendment and restatement of the Wachovia facility is subject to a successful syndication, the execution of definitive agreements, the absence of any material adverse change in the company's business or the financial markets and certain other customary closing conditions.

CFO Harry Yanowitz said, "We expect that this facility will be the final piece of the puzzle to extend the company's debt maturity profile."