LKQ CORP (LKQ): debt financing — LKQ enters CAD 700M term loan facility to fund Uni-Select acquisition

LKQ CORP

Unsecured term loan up to CAD 700M, matures 3 years from funding date, no amortization before maturity.
Proceeds to finance portion of cash consideration for Uni-Select acquisition and refinance certain Uni-Select debt.
Interest rate based on CDOR or Canadian Prime Rate plus spread (1.125%-1.75% Eurocurrency, 0.125%-0.750% Prime).
Covenants include total leverage ratio and interest coverage ratio; no limits on dividends or investments.
Certain U.S. domestic subsidiaries act as guarantors; commitment fee of 0.175% per annum on undrawn commitments.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

LKQ CORP incurred term loan of CAD 700 million with Wells Fargo Bank, National Association at Eurocurrency Rate Spread ranges from 1.125% to 1.75%, and the Canadian Prime Rat maturing three years from the date of funding of the Term Loan.

Instrument: term loan
Principal: CAD 700 million
Counterparty: Wells Fargo Bank, National Association
Rate: Eurocurrency Rate Spread ranges from 1.125% to 1.75%, and the Canadian Prime Rat
Maturity: three years from the date of funding of the Term Loan
Event: incurrence

Exact text from the filing

Wells Fargo Bank, National Association ("Wells Fargo Bank"), as administrative agent; Bank of America, N.A.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LKQ CORP entered into Term Loan Credit Agreement with several lenders from time to time party thereto as Lenders; Wells Fargo Bank, National Association, as administrative agent; Bank of America, N.A., as syndication agent; Capital One Bank, N.A., MUFG Bank, Ltd., PNC Bank, National Association and Truist Bank as Documentation Agents; BofA Securities, valued at up to CAD 700 million (effective 2023-03-27).

Action: entry
Agreement: credit facility
Counterparty: several lenders from time to time party thereto as Lenders; Wells Fargo Bank, National Association, as administrative agent; Bank of America, N.A., as syndication agent; Capital One Bank, N.A., MUFG Bank, Ltd., PNC Bank, National Association and Truist Bank as Documentation Agents; BofA Securities,
Value: up to CAD 700 million
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, LKQ Corporation ("LKQ" or the "Company") entered into a new term loan credit agreement (the "Term Loan Credit Agreement") with several lenders from time to time party thereto as Lenders (the "Lenders"); Wells Fargo Bank, National Association ("Wells Fargo Bank"), as administrative agent; Bank of America, N.A. ("Bank of America"), as syndication agent; Capital One Bank, N.A., MUFG Bank, Ltd., PNC Bank, National Association and Truist Bank as Documentation Agents; BofA Securities, Inc., and Wells Fargo Securities, LLC, Capital One Bank, N.A., MUFG Bank, Ltd., PNC Capital Markets LLC and Truist Securities, Inc. as joint bookrunners and joint lead arrangers.

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10 debt financings filed in the last 30 days. Browse all debt financings →

LKQ CORP filing history →

Source: SEC EDGAR

accession 0001065696-23-000035

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