Pep Boys Closes New Revolving Credit Facility - aftermarketNews

Pep Boys Closes New Revolving Credit Facility

The new facility replaces the company's prior facility that was scheduled to expire on Dec. 9.

PHILADELPHIA — Pep Boys has closed a new $300 million senior secured revolving credit facility with a syndicate led by Bank of America, Wells Fargo and Regions Bank. Borrowings under the new five-year facility, which is secured by inventory, receivables and general intangibles, bear an initial interest rate of London Interbank Offered Rate (LIBOR) plus 3.00 percent.

The new facility replaces the company’s prior facility that was scheduled to expire on Dec. 9.

CFO Ray Arthur said, “We are pleased with the confidence expressed in Pep Boys by our syndicate banks by virtue of closing this facility despite the tight credit markets. It further demonstrates our strong liquidity position and ability to fund the initiatives of our long-term strategic plan.”

You May Also Like

Winhere Honors 2022 Sales Rep of the Year

Winhere recognized 40-year industry veteran Russ Wilshusen from Schnair Sales & Service.

Winhere Brake Parts recognized Russ Wilshusen from Schnair Sales & Service with its annual "Sales Representative of the Year" award. Wilshusen is a highly regarded industry veteran who just celebrated his 40th year in the industry, Winhere Brake Parts says.

This annual award recognizes the outstanding sales representative who has increased market share, provided excellence in service for Winhere distributors and has collaborated with the Winhere team in developing successful programs and drive sales, according to Winhere Brake Parts.

Mullen Announces Key Hires Across EV Programs

The new hires will support commercial and consumer vehicle programs in development, manufacturing and commercial sales.

GM to Invest $20.5M for Growth, EV Readiness

The investments will be used to implement a variety of automation technology to modernize warehouse operations.

Big O Tires, Midas Earn Top Ranks in Franchise 500

The companies ranked No. 1 in their respective categories.

Hitachi Astemo, Trend Micro, VicOne Collab on Connected Cars

The companies are aiming for commercialization by 2025.

Other Posts

Canoo Partners with GCC Olayan

Through the partnership agreement, GCC Olayan will be the exclusive distributor of Canoo EVs in Saudi Arabia.

NEXUS Automotive International Accelerates Growth in Africa

IAMAGA includes 34 Africa-based members and their affiliates.

BG Automotive Unveils Expanded Product Range

Ten new references have been added across BGA’s steering & suspension, cylinder head cover and timing chain ranges.

NGK Spark Plugs Announces New Company Name and Logo 

The company says the name change is reflective of transformation in the organization’s business portfolio.