America's Car-Mart amends credit facility to include contracts up to 72 months, waives prior borrowing trigger event

AMERICAS CARMART INC

Amendment expands borrowing base to include vehicle contracts with original terms up to 72 months (previously max 60 months); contracts >60 months capped at 15% of eligible finance receivables.
Lenders waive requirement to apply dominion account funds to borrowings during Nov 30, 2022 to Jan 31, 2023 trigger period when availability fell below 10% of revolver commitments.
As of Jan 31, 2023, company had ~$148M additional availability under revolving credit facilities based on eligible finance receivables and inventory.
Company paid $250,000 amendment fee to lenders for the amendment and waiver.

Key facts

Extracted from this filing and checked against the source text.

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

AMERICAS CARMART INC amended Amendment No. 5 to the Third Amended and Restated Loan and Security Agreement with a group of lenders (effective 2023-02-22).

Action: amendment
Agreement: credit facility
Counterparty: a group of lenders
Effective: 2023-02-22

Exact text from the filing

On February 22, 2023, America’s Car-Mart, Inc., a Texas corporation (the “Company”), and its subsidiaries, Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”), America’s Car Mart Inc., an Arkansas corporation (“ACM”), and Texas Car-Mart, Inc., a Texas corporation (“TCM” and collectively with Colonial and ACM, the “Borrowers”), entered into Amendment No. 5 to the Third Amended and Restated Loan and Security Agreement (“Agreement”), dated as of September 30, 2019, by and among the Company, Colonial, ACM, TCM and a group of lenders, as previously amended on October 29, 2020, February 10, 2021, September 29, 2021, and April 22, 2022.

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Source: SEC EDGAR

accession 0001171843-23-001280

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