AMERICAS CARMART INC (CRMT): debt financing — America's Car-Mart amends credit facility: reduces capacity to $340M, extends to Sep 2025, adds tighter covenants

AMERICAS CARMART INC

Total credit facility reduced from $600M to $340M; accordion feature restored to $100M.
Term extended to September 30, 2025; unused line fee rises to 0.50% if borrowings <50% of commitments.
New fixed charge coverage ratio: 1.00x through Aug 2024, 1.15x Sep-Dec 2024, 1.25x from Jan 2025.
Eligible vehicle inventory purchase limit raised to $20K for cars, $30K for trucks; acquisition cap increased to $20M/year.
Wells Fargo and CIBC Bank USA exited; BMO Harris ($88M) and Axos Bank ($84M) are new lead lenders.

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

AMERICAS CARMART INC amended credit facility of $340 million with group of lenders comprising BMO Harris Bank N.A., Axos Bank, BOKF, NA, MUFG Union Bank, N.A., First Horizon Bank, Commerce Bank, Arvest Bank at 1.0% plus base rate for base rate revolver loans and 3.5% plus adjusted Term SOF maturing September 30, 2025.

Instrument: credit facility
Principal: $340 million
Counterparty: group of lenders comprising BMO Harris Bank N.A., Axos Bank, BOKF, NA, MUFG Union Bank, N.A., First Horizon Bank, Commerce Bank, Arvest Bank
Rate: 1.0% plus base rate for base rate revolver loans and 3.5% plus adjusted Term SOF
Maturity: September 30, 2025
Event: amendment

Exact text from the filing

Amendment No. 6 to the Agreement (the “Amendment”) extends the term of the Company’s revolving credit facilities to September 30, 2025 and reduces the total permitted borrowings from $600 million to $340 million, including a reduction in the Colonial revolving line of credit from $570 million to $310 million.

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

AMERICAS CARMART INC amended Amendment No. 6 to the Third Amended and Restated Loan and Security Agreement with a group of lenders valued at reduces the total permitted borrowings from $600 million to $340 million (effective 2024-02-28).

Action: amendment
Agreement: credit facility
Counterparty: a group of lenders
Value: reduces the total permitted borrowings from $600 million to $340 million
Effective: 2024-02-28

Exact text from the filing

On February 28, 2024, 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. 6 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, April 22, 2022 and February 22, 2023.

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Source: SEC EDGAR

accession 0001171843-24-001193

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