Monro, Inc. Announces Amendment & Extension to Existing Credit Facility
Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive
undercar repair and tire services, today announced a new $600
million revolving line of credit, which amends and extends an
existing $600 million credit facility. The amendment changes the
current LIBOR interest rate calculation on borrowings to 0.10% over
SOFR and extends the original expiration date from 2024 to
The amended facility will be used to refinance debt, fund
acquisitions and for general corporate purposes.
Citizens Bank was Lead Left Arranger, Bookrunner and
Administrative Agent in the nine-bank group.
“We are pleased to have secured an extension to our existing
credit facility and we appreciate the support of our banking
partners, including Citizens. The extended facility underscores
their confidence in our business and our management team. We have a
strong financial position allowing us to execute on our growth
strategy and maintain our balanced approach to capital allocation,”
said Brian D’Ambrosia, Chief Financial Officer.
The amendment and extension are effective November 10, 2022.
About Monro, Inc.
Monro, Inc. (NASDAQ: MNRO) is one of the nation’s leading
automotive service and tire providers, delivering best-in-class
auto care to communities across the country, from oil changes,
tires and parts installation, to the most complex vehicle repairs.
With a growing market share and a focus on sustainable growth, the
Company generated approximately $1.4 billion in sales in fiscal
2022 and continues to expand its national presence through
strategic acquisitions and the opening of newly constructed stores.
Across approximately 1,300 stores and 9,000 service bays
nationwide, Monro brings customers the professionalism and
high-quality service they expect from a national retailer, with the
convenience and trust of a neighborhood garage. Monro’s highly
trained teammates and certified technicians bring together hands-on
experience and state-of-the-art technology to diagnose and address
automotive needs every day to get customers back on the road
safely. For more information, please visit www.monro.com.
Cautionary Note Regarding
The statements contained in this press release that are not
historical facts may contain statements of future expectations and
other forward-looking statements made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by such words and
phrases as “expect,” “estimate,” “guidance,” “outlook,”
“anticipate,” “believe,” “could,” “may,” “might,” “will,” “intend,”
and other similar words or phrases. Forward-looking statements are
subject to risks, uncertainties and other important factors that
could cause actual results to differ materially from those
expressed. These factors include, but are not necessarily limited
to product demand, dependence on and competition within the primary
markets in which the Company’s stores are located, the need for and
costs associated with store renovations and other capital
expenditures, the effect of general business or economic conditions
on the Company’s business, including the direct and indirect
effects of the COVID-19 pandemic and the Russian invasion of
Ukraine on the economy, consumer spending levels, inflation, and
unemployment, seasonality, changes in the U.S. trade environment,
including the impact of tariffs on products imported from China,
the impact of competitive services and pricing, product
development, parts supply restraints or difficulties, the impact of
weather trends and natural disasters, industry regulation, risks
relating to leverage and debt service (including sensitivity to
fluctuations in interest rates), continued availability of capital
resources and financing, risks relating to protection of customer
and employee personal data, risks relating to litigation, risks
relating to integration of acquired businesses and other factors
set forth elsewhere herein and in the Company’s Securities and
Exchange Commission filings, including the Company’s annual report
on Form 10-K for the fiscal year ended March 26, 2022. Except as
required by law, the Company does not undertake and specifically
disclaims any obligation to update any forward-looking statement to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements.
Source: Monro, Inc. MNRO-Fin
version on businesswire.com: https://www.businesswire.com/news/home/20221115005123/en/
Investors and Media: Felix Veksler Senior Director, Investor
Historical Stock Chart
From Jan 2023 to Feb 2023
Historical Stock Chart
From Feb 2022 to Feb 2023