Pep Boys to Expand Term Loan Financing
September 11 2006 - 8:05AM
Business Wire
The Pep Boys - Manny, Moe & Jack (NYSE:PBY), the nation's
leading automotive aftermarket retail and service chain, announced
today that it has engaged Wachovia Capital Markets, LLC to
structure, arrange and privately syndicate a $120 million increase
to its current $200 million senior secured term loan facility,
expected to be completed in October or November 2006. The proceeds
from the facility will be used to repay other indebtedness. The
closing of the amendment and restatement of the Wachovia facility
is subject to a successful syndication, the execution of definitive
agreements, the absence of any material adverse change in the
Company's business or the financial markets and certain other
customary closing conditions. CFO Harry Yanowitz said, "We expect
that this facility will be the final piece of the puzzle to extend
the Company's debt maturity profile." About Pep Boys Pep Boys has
593 stores and more than 6,000 service bays in 36 states and Puerto
Rico. Along with its vehicle repair and maintenance capabilities,
the Company also serves the commercial auto parts delivery market
and is one of the leading sellers of replacement tires in the
United States. Customers can find the nearest location by calling
1-800 -PEP-BOYS or by visiting pepboys.com. Certain statements
contained herein constitute "forward-looking statements" within the
meaning of The Private Securities Litigation Reform Act of 1995.
The word "guidance," "expect," "anticipate," "estimates,"
"forecasts" and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements include
management's expectations regarding future financial performance,
automotive aftermarket trends, levels of competition, business
development activities, future capital expenditures, financing
sources and availability and the effects of regulation and
litigation. Although the Company believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be achieved. The Company's actual results may
differ materially from the results discussed in the forward-looking
statements due to factors beyond the control of the Company,
including the strength of the national and regional economies,
retail and commercial consumers' ability to spend, the health of
the various sectors of the automotive aftermarket, the weather in
geographical regions with a high concentration of the Company's
stores, competitive pricing, the location and number of
competitors' stores, product and labor costs and the additional
factors described in the Company's filings with the SEC. The
Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
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