America's Car-Mart gets $90 million three-year credit facility

By Sara Rosenberg

New York, Nov. 5 - America's Car-Mart Inc. closed on a $90 million three-year revolving credit facility, according to a news release.

Bank of America committed $45 million to the deal, Bank of Arkansas committed $30 million, Commerce Bank committed $10 million and Arvest Bank committed $5 million.

Initial pricing on the revolver is Libor plus 275 basis points.

There is a $15 million accordion feature.

Proceeds were used to pay off all existing debt under the company's previous $61.5 million financing package, including a $6.3 million term loan.

America's Car-Mart is a Bentonville, Ark.-based operator of automotive dealerships.

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