ROCHESTER, N.Y. (Jan. 27, 2016) — Monro Muffler Brake Inc. has more than doubled the value of its credit facilty to $600 million, an increase Monro President and CEO John van Heel said would allow Monro to pursue larger and more frequent acquisitions.
The new facility, with nine banks, is a five-year revolving credit facility that includes an accordion feature that increases the borrowing capacity by $100 million if needed, according to Catherine D'Amico, executive vice president of finance, CFO and treasurer.
The increased borrowing capacity reflects the company's financial strength and strong growth in sales and profitability, the executives told analysts Jan. 26 in a conference call.