Monro Gains Access to Another $150 Million
The $600 million credit line Monro Inc. has with eight banks has been amended, and it gives the tire dealer and auto service provider access to an additional $150 million.
According to a document filed with the U.S. Securities and Exchange Commission, the new credit agreement became effective April 25, 2019, and is good for five years. It extends the already existing $600 million senior secured credit facility with eight banks, and amends the accordion feature allowing Monro to request up to $250 million of additional credit — “an increase of $150 million from the prior financing agreement.
“The company plans to use the facility to refinance debt, for acquisitions, and for general corporate purposes.”
On the acquisitions front, Monro remains busy. As of February, the company had acquired 52 stores in 10 months. In 2019 Monro has entered two new markets — California, with the purchase of Certified Tire & Service Centers Inc., and Louisiana, with Allied Discount Tire & Brake Inc.