Copart is drawing down on all of its $850 million revolver

By Rebecca Melvin

New York, March 20 – Copart, Inc. has started drawing down substantially all of the remaining funds available under its revolving credit facility, which has an aggregate principal amount of up to $850 million, according to an 8-K filing with the Securities and Exchange Commission.

The draw down began on March 17.

The company elected to draw down its remaining funds to ensure it maintains ample financial flexibility in light of current uncertainty in global markets related to the global Covid-19 pandemic.

The borrowings may in the future be used for investments in land, technology, acquisitions, working capital, share repurchases or general corporate purposes.

Copart is a Dallas-based provider of online auctions and vehicle remarketing services.

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