TBC Corp. has entered into a new five-year financing agreement that will provide for a $100 million term loan and a $225 million revolving credit facility at interest rates 75 to 100 basis points lower than the $116 million term loan and $121.5 million revolving credit facility previously in place.
JP Morgan Chase served as advisor to the company and as lead arranger for the new credit facility.
"Our new credit facility will provide us with enhanced financial flexibility on more favorable terms," says Larry Day, TBC CEO and president. "We felt it was in the best long-term interests of the company to take advantage of the lower interest rates available to us today.
"We are pleased that the facility was oversubscribed and that the bank group recognizes the attractive growth prospects offered by TBC."
TBC's stock price on the NASDAQ exchange closed at $26.80 on Thursday, June 23. That compares to a 52-week high and low of $30.44 and $18.80, respectively.
