AutoZone ups revolver to $2.25 billion, lowers margins, extends to 2026

By Wendy Van Sickle

Columbus, Ohio, Nov. 16 – AutoZone, Inc. entered into a fourth amended and restated credit agreement on Monday to provide for a $2.25 billion revolver, increased from $2 billion, according to an 8-K filing with the Securities and Exchange Commission.

The revolver will terminate on Nov. 15, 2026, and the company has two one-year extension options.

There is a $250 million sublimit for letters of credit and a $75 million sublimit for swingline loans.

The interest margins and fees were reduced. Borrowings now bear interest at Libor plus a margin ranging from 68 basis points to 120 bps, and the commitment fee ranges from 7 bps to 17.5 bps, both depending on credit ratings.

BofA Securities, Inc., JPMorgan Chase Bank, NA, Truist Securities, Inc., U.S. Bank NA and Wells Fargo Securities, LLC are the lead arrangers and bookrunnres. JPMorgan is syndication agent. Bank of America, NA is administrative agent. Truist Bank, U.S. Bank NA and Wells Fargo Bank, NA are documentation agents.

AutoZone is a Memphis-based auto parts and supplies retailer.

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