Monro Muffler Brake Inc. has entered into a new five-year $160 million credit facility consisting of a $125 million committed sum and a $35 million accordion feature.
The new financing replaces the existing $110 million credit facility and reduces the company's borrowing rate by 50 basis points.
"Our new facility provides more favorable interest rates, an extended term, and higher borrowing capacity. As such, we will have additional flexibility to execute our stated acquisition strategy of acquiring reasonably priced companies that will expand our market share in existing or contiguous markets," Catherine D'Amico, executive vice president and CFO, stated.
The company currently operates 626 stores and has 16 dealer locations operating under the brand names of Monro Muffler Brake and Service, Speedy Auto Service by Monro, Mr. Tire and Tread Quarters Discount Tires. The stores are in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Maine and Michigan.
