AutoNation extends $1.8 billion revolving credit facility to 2025

By Wendy Van Sickle

Columbus, Ohio, March 26 – AutoNation, Inc. amended and restated its existing credit agreement on Thursday to extend its existing $1.8 billion revolving credit facility to March 26, 2025, among other things, according to an 8-K filing with the Securities and Exchange Commission.

The amended credit agreement continues to contain a maximum leverage ratio of 3.75x and a maximum capitalization ratio of 70%, as well as an accordion feature that allows the company to increase the revolver by up to $500 million.

Borrowings may be used to finance acquisitions and for working capital, capital expenditures, share repurchases and other general corporate purposes.

JPMorgan Chase Bank, NA, BofA Securities, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC are co-lead arrangers and joint bookrunners of the restated credit agreement. JPMorgan Chase is the administrative agent, and Bank of America, NA, SunTrust Bank and Wells Fargo Bank, NA are the syndication agents. Toyota Motor Credit Corp., Mercedes-Benz Financial Services USA LLC, Mizuho Bank, Ltd. and U.S. Bank NA are documentation agents.

The automotive retailer is based in Fort Lauderdale.

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