CarMax Makes Plans for New Credit Facility
CarMax has signed a committment letter with Bank of America N.A., and Banc of America Securities LLC to plan a new $350 million-$450 million credit facility, according to Automotive.com.
RICHMOND, Va. -- CarMax has signed a committment letter with Bank of America N.A., and Banc of America Securities LLC to plan a new $350 million-$450 million credit facility, according to Automotive.com.
Bank of America N.A. has committed to lending as much as $150 million.
CarMAx announced that it has also come to an agreement with DaimlerChrysler Services North America LLC and Toyota Motor Credit Corporation which will allow the company's current $300 million creidt agreement to end no later than the scheduled date of termination in May of 2006.
The company hopes to close on the new facility in its second fiscal quarter ending August 31, 2005. Closing is contingent on customary conditions, the execution of a definitive credit agreement, and the completion of a loan syndication.
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