secwatch.observer — SEC 8-K summary
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Issuer:     ADVANCE AUTO PARTS INC (AAP)
CIK:        0001158449
Form:       8-K
Filed at:   2024-11-14T23:59:59+00:00
Accession:  0001193125-24-257954
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

AAP amends credit agreement: revolver reduced to $1.0B, new covenants
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- Revolving facility reduced from $1.2B to $1.0B; commitment decreased by $200M.
- Permits up to $575M restructuring charges add-back to EBITDAR; up to $800M cash netted from debt.
- Minimum consolidated coverage ratio lowered to 1.50x through July 2025, then 1.75x.
- New restrictions: no share repurchases or dividend increases; springing liens on deposits/AR if ratings drop.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1158449/000119312524257954/0001193125-24-257954-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1158449/000119312524257954/d845415d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-257954

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer