Pep Boys Closes $200M Term Loan
Pep Boys (NYSE: PBY)today announced that it
had closed on its amended and restated term loan facility.
The amended and restated facility is in the principal amount of
$200,000,000, bears interest at LIBOR (with a floor of 1.25%) plus
3.75%, matures on October 11, 2018 and is secured by the real estate
underlying 142 of the Company's owned stores. In connection with the
facility, the Company entered into interest rate swaps that convert the
variable LIBOR portion of the interest payments due on $100,000,000 of
the facility to a fixed rate of 1.855%.
Proceeds from the increase in the size