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LKQ extends loan to 2023, ups multicurrency revolver to $2.75 billion
By Susanna Moon
Chicago, Dec. 4 – LKQ Corp. extended its credit agreement by two years to Jan. 29, 2023 and upsized the revolving credit facility’s multicurrency component to $2.75 billion from $2.45 billion.
The company amended its credit agreement last Friday with Wells Fargo Securities, LLC, Bank of America Merrill Lynch as joint bookrunners and joint lead arrangers and Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
LKQ amended the loan terms to modify the pricing spreads; to expand the ability of LKQ and its subsidiaries to incur additional debt; to increase the permitted net leverage ratio thresholds, including a temporary step-up in the allowable net leverage ratio in the case of permitted acquisitions; and to make other immaterial or clarifying modifications and amendments to the terms of the loans.
The $705 million of term loans are due and payable in quarterly installments of $4 million on the last day of each fiscal quarter ending March 31, 2018 to March 31, 2019 and $9 million on the last day of each fiscal quarter ending March 31, 2019, with the remainder due at maturity.
The increase in the revolving credit facility’s multicurrency component of $300 million will be used for general corporate purposes, the filing noted.
Bank of America, NA and MUFG are the syndication agents. Citizens Bank, NA, Suntrust Bank, Compass Bank, PNC Bank, NA, HSBC Bank USA, NA and TD Bank, NA are the documentation agents.
LKQ is a provider of alternative collision replacement parts, recycled engines and transmissions and remanufactured engines.
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