Monro borrows $350.4 million under revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, April 2 – Monro, Inc. gave notice to its lenders to borrow the remaining $350.4 million available under its $600 million senior secured revolving credit facility on March 27, according to an 8-K filing with the Securities and Exchange Commission.

Prior to that notice, there was $216 million of borrowings and $33.6 million of letters of credit outstanding under the facility.

There is an accordion feature for up to an additional $250 million.

Borrowings bear interest at 75 basis points to 200 bps.

The revolver matures on April 25, 2024.

The borrowings were taken as a precautionary measure to increase Monro’s cash position and preserve financial flexibility due to the uncertainty resulting from the Covid-19 pandemic. The proceeds are being held on the company’s balance sheet and may be used for working capital and general corporate purposes.

The Rochester, N.Y.-based company provides automotive undercar repair and tire sales and services.

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