American Tire amends revolver, reducing pricing, extending tenor

By Sara Rosenberg

New York, May 14 - American Tire Distributors, Inc. amended its revolving credit facility, lowering pricing and the commitment fee, and extending the maturity to Dec. 31, 2011, according to an 8-K filed with the Securities and Exchange Commission Monday.

Pricing on the revolver can now range from Libor plus 100 to 175 basis points, depending on the fixed-charge coverage ratio, and the commitment fee is set at 25 bps.

The amended revolver provides for borrowings of up to $400 million and requires the company to meet a fixed-charge coverage ratio if availability is less than $25.00.

The amendment was completed on May 9.

Bank of America is the administrative agent on the deal.

American Tire is a Huntersville, N.C.-based tire wholesaler.

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