CHICAGO – LKQ Corp. announced it has closed an amendment to its credit facility that increased the aggregate amount available thereunder from $1.8 billion to $2.3 billion ($1.85 billion revolving credit facility and $450 million term loan facility). The amendment extended the maturity date of the facility from May 3, 2018, to May 3, 2019, and increased the flexibility of certain restrictive covenants, including provisions relating to restricted payments and additional indebtedness. The amendment also reduces borrowing costs under the credit facility by between 25 and 50 basis points (depending on the company’s leverage) compared to the prior agreement.
 
"We appreciate the ongoing support of our lending group and their recognition of the company’s history of consistent financial and operational performance. This amended credit facility provides us with the increased liquidity and the financial flexibility to continue our long-term growth strategy," stated John Quinn, executive vice president and CFO of LKQ Corp.
 
The company indicated that as of Dec. 31, 2013, on a pro-forma basis (after giving effect to the acquisition of Keystone Automotive Operations on Jan. 3, 2014, and the credit facility amendment), total availability under the company’s credit facility and asset securitization program would have been approximately $1.2 billion.