America’s Car-Mart ups revolvers to $241 million, extends to 2022

By Wendy Van Sickle

Columbus, Ohio, Oct. 1 – America’s Car-Mart, Inc. entered on Monday into a third amended and restated loan agreement, replacing its agreement dated Dec. 12, 2016, according to an 8-K filed Monday with the Securities and Exchange Commission.

The restated agreement increases total commitments to $241 million from $215 million and the accordion feature to $100 million from $50 million.

The revolving facilities now mature on Sept. 30, 2022.

The line of credit for subsidiary Colonial Auto Finance, Inc. has been increased to $231 million from $205 million, while the line of credit for the Texas Car-Mart, Inc. subsidiary remains at $10 million.

BMO Harris Bank NA is the agent, lead arranger and book manager.

Pricing was not changed. Currently, borrowings bear interest at Libor plus a margin of 235 basis points, and the margin can range from 225 bps to 300 bps, based on consolidated leverage ratio.

America’s Car-Mart operates 143 automotive dealerships in 11 states. The company is based in Bentonville, Ark.

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