Advance Auto Parts gets $750 million revolver

By Sara Rosenberg

New York, Oct. 5 - Advance Auto Parts Inc. closed on a new $750 million five-year unsecured revolving credit facility, according to a company news release.

JPMorgan acted as the lead bank on the deal. Bank of America, SunTrust and BB&T are part of the lending group.

Initial pricing on the revolver is Libor plus 75 basis points. Pricing will adjust to reflect any future changes in the company's credit rating.

Proceeds were used to refinance the company's existing term loans and revolver. At close, about $434 million was drawn under the new revolver.

"This refinancing provides Advance Auto Parts with an attractive level of financial flexibility, enabling us to increase liquidity while reducing interest expense," said Michael Moore, executive vice president and chief financial officer, in the release.

Advance Auto Parts is a Roanoke, Va., automotive aftermarket retailer of parts, accessories, batteries and maintenance items.

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