Cars.com amends credit facility to lift maximum leverage ratio

By Marisa Wong

Los Angeles, Oct. 7 – Cars.com Inc. said it amended its existing credit facility to reset the total net leverage covenant during the remaining term of the credit agreement while preserving the favorable pricing structure from the original agreement.

Specifically, the amendment increases the company’s maximum total net leverage ratio to 4.50 times from 3.75 times, with incremental step downs through maturity on May 31, 2022.

At June 30, the company’s total net leverage was 3.25 times.

Cars.com is a Chicago-based digital automotive marketplace company.

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