Car-Mart Secures Additional Credit Lines
America's Car-Mart Inc. and its finance arm Colonial Auto Finance successfully secured credit lines with lenders, according to a filing with the Securities and Exchange Commission.
BENTONVILLE, Ark. -- America's Car-Mart Inc. and its finance arm Colonial Auto Finance successfully secured credit lines with lenders, according to a filing with the Securities and Exchange Commission.
The companies announced yesterday that it had amended its revolving credit agreements with six lenders. The amendments include an increase in total permitted borrowings of up to $61.5 million, up from $60 million and an extension of the due date to April 30, 2010. The agreement provides an interest rate of prime plus 0.25 percent with a 4.25 percent floor.
The buy-here, pay-here used-car dealer recently reported a same-store sales increase of 16 percent for the last six months.
"We continue to have what we believe to be the strongest balance sheet in the industry. Our debt to equity and debt to finance receivable rations at Oct. 31 were at their lowest levels since the first quarter of fiscal 2006," said Jeff Williams, Chief Financial Officer of America's Car-Mart. "With this significant disruptions in the credit markets over the last several months, we are even more proud of our healthy balance sheet and are well positioned to continue to grow from our internally generated cash flows and increases in our revolving credit agreements, if needed."
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