From Roanoke Times & World News
Advance Auto Parts has refinanced its secured credit facility, a move that will save the Roanoke, VA-based retailer of automotive parts more than $2.5 million annually on pretax interest expenses, according to a news release.
The refinancing resulted in a new $750 million unsecured five-year revolving credit facility, with approximately $434 million drawn against it.
With this refinancing, Advance will record an approximately $1.9 million deferred financing charge associated with its prior credit facility. But the company will record about $2.9 million in income from previous gains on interest-rate swaps. These amounts will result in a net pre-tax gain of $1 million for Advance’s third quarter, the company said.
The company’s lenders include Bank of America, SunTrust Bank and BB&T.
(C) 2006 Roanoke Times & World News
