PHILADELPHIA (Nov. 13, 2013) — Automotive aftermarket service and retail chain Pep Boys — Manny, Moe & Jack has reduced the interest rate on its $200 million term loan facility.
The amended and restated facility was further amended to reduce the interest rate from LIBOR—with a floor of 1.25 percent—plus 3.75 percent to LIBOR—with a floor of 1.25 percent—plus 3.00 percent, Pep Boys said. The reduction in the interest rate amounts to a $1.5 million annualized interest savings.
(Libor rates are calculated for 10 currencies and 15 borrowing periods ranging from overnight to one year and are published daily at 11:30 a.m. London time.)
Wells Fargo Securities L.L.C. and BoA Merrill Lynch served as joint lead arrangers and joint book runners on the transaction.
Philadelphia-based Pep Boys operates approximately 7,400 service bays in more than 750 locations in 35 states and Puerto Rico.