ACV Auctions gets $160 million five-year first-lien revolver

By Marisa Wong

Los Angeles, Aug. 30 – ACV Auctions Inc. entered into a first-lien revolving credit agreement on Aug. 24 with JPMorgan Chase Bank, NA as administrative agent and lender that provides for a $160 million five-year revolver, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement includes an up to $20 million sub-facility for the issuance of letters of credit.

Interest is equal to Libor plus 275 basis points, subject to a 0% Libor floor.

The company must also pay a commitment fee based on the average daily undrawn potion of the revolver.

In addition, the credit agreement contains financial covenants that require the company to maintain a minimum liquidity level and achieve specified trailing four quarter revenue targets.

ACV is a Buffalo, N.Y.-based wholesale automotive marketplace.

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