Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On December 31, 2020, America's Car-Mart, Inc. (the "Company") through its
operating subsidiaries exercised an option under its existing credit agreement
to increase its total revolving credit facilities by $85 million from $241
million to $326 million. The increase in the total revolving credit commitments
is being made pursuant to an accordion feature of the Third Amended and Restated
Loan and Security Agreement (the "Agreement"), dated as of September 30, 2019
and most recently amended on October 29, 2020, by and among the Company, its
subsidiaries Colonial Auto Finance, Inc., America's Car Mart, Inc. and Texas
Car-Mart, Inc, and a group of lenders. The accordion feature allows the Company
to increase the total revolver commitments by up to $100 million (up to $341
million in total commitments) with the written consent of BMO Harris Bank N.A.,
as agent, and the consent of any lender having a new or increased commitment. In
connection with this increase, MUFG Union Bank, N.A. joined the lending group as
a new lender with a commitment of $50 million. The lending group now also
includes BMO Harris Bank, N.A. ($71 million commitment), Wells Fargo Bank, N.A.
($50 million commitment, up from $30 million), BOKF, NA d/b/a BOK Financial ($50
million commitment), First Horizon Bank ($50 million commitment, up from $40
million), Arvest Bank ($30 million commitment), and Commerce Bank ($25 million
commitment, up from $20 million).
In addition to the increased permitted borrowings, the Company designated BOKF,
NA d/b/a BOK Financial and Wells Fargo Bank, N.A. as co-syndication agents and
First Horizon Bank and MUFG Union Bank, N.A. as co-documentation agents under
the Agreement. All other material terms of the Agreement remain in effect as
previously disclosed by the Company.
Item 7.01. Regulation FD Disclosure.
On December 31, 2020, the Company issued a press release announcing an increase
in its permitted borrowings under the Agreement and the addition of a new lender
to the lending group. A copy of the press release is attached hereto as Exhibit
99.1 and incorporated herein by reference.
In accordance with General Instruction B.2., the information contained in Item
7.01 of this Form 8-K, including Exhibit 99.1 attached hereto, is being
furnished and shall not be deemed to be "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act. The Company undertakes no obligation to update or
revise this information.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release announcing new lender and expanded permitted
borrowings
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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