PHILADELPHIA – Pep Boys says it has reduced the interest rate on its $200 million term loan facility.
The amended and restated facility was further amended to reduce the interest rate thereunder from LIBOR (with a floor of 1.25 percent) plus 3.75 percent to LIBOR (with a floor of 1.25 percent) plus 3 percent. The reduction in the interest rate amounts to a $1.5 million annualized interest savings.
Wells Fargo Securities LLC and BoA Merrill Lynch served as joint lead arrangers and joint book runners on the transaction.
