AutoNation (AN) in Talks for Boosted $1.5B Facility
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AutoNation, Inc. (NYSE: AN), is in discussions with its existing lenders as well as new lenders with respect to a proposed new five year credit agreement with term loan and revolving credit facilities in the aggregate amount of approximately $1.5 billion, with an accordion feature that would allow the Company, subject to credit availability, to increase the amount of such facilities by up to $500 million in the aggregate.
The new credit agreement, which would represent an approximate $328 million increase in commitments compared to the Company's existing credit agreement (without giving any effect to the accordion feature), would terminate in 2016 and would replace the Company's existing credit agreement (including the term loan facilities due 2012 and 2014 and the revolving credit facilities due 2012 and 2014).
The new credit agreement, which would represent an approximate $328 million increase in commitments compared to the Company's existing credit agreement (without giving any effect to the accordion feature), would terminate in 2016 and would replace the Company's existing credit agreement (including the term loan facilities due 2012 and 2014 and the revolving credit facilities due 2012 and 2014).
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