Pep Boys amends, restates revolver to up size, extend term, decrease rate

By Sara Rosenberg

New York, Dec. 3 - The Pep Boys - Manny, Moe & Jack Inc. closed on its amended and restated credit facility (BB), increasing the revolving credit facility to $357.5 million from $325 million, extending the term to Dec. 2, 2009, and reducing the interest rate to Libor plus 175 basis points from Libor plus 200 basis points, according to an 8-K field with the Securities and Exchange Commission Friday.

The revolver can also be increased to $400 million if certain collateral is given.

After June 1, 2005, the interest rate reduces to Libor plus 150 basis points, subject to 25 basis points incremental increases as excess availability falls below $50 million, the filing said.

Congress Financial Corp. is the lead bank on the deal.

The amendment and restatement closed on Thursday.

Pep Boys is a Philadelphia-based automotive retail and service chain.

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