CarMax draws down $510 million under its credit agreement

By Sarah Lizee

Olympia, Wash., March 25 – CarMax, Inc. drew down $510 million under its credit agreement due June 7, 2024 on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Following the drawdown, about $450 million remains available under the facility.

The company said the drawdown is meant to bolster its liquidity position and to provide additional financial flexibility in light of the current uncertainty surrounding the impact of Covid-19.

CarMax is a Richmond, Va.-based retailer of used vehicles.

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