CarMax enters $700M term loan due 2026 to repay revolver borrowings

CARMAX INC

Borrowed $700M under term loan facility maturing October 15, 2026.
Proceeds used to pay down normal-course borrowings under $1.45B revolver and for general corporate purposes.
Interest based on Eurodollar Reference Rate (LIBOR or successor) plus applicable margin, payable monthly.
Obligations guaranteed by CarMax Inc. and certain subsidiaries.
Company targets adjusted debt-to-total capital ratio of 35% to 45%.

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