Monro, Inc. Enters into Amendment to Amended and Restated Credit Agreement with Eight Banks
October 08, 2021 at 04:11 pm
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On October 5, 2021, Monro, Inc. entered into an amendment to its Amended and Restated Credit Agreement with eight banks, which had previously been amended in June 2020. This Amendment amends certain of the financial terms in the Credit Agreement, as amended by the 2020 Amendment. Specifically, the 2020 Amendment had amended the interest rate charged on borrowings to be based on the greater of adjusted one-month LIBOR or 0.75% over LIBOR. This Amendment returns this term to be based on the greater of adjusted one-month LIBOR or 0.00% over LIBOR. In addition, this Amendment clarifies the Company’s flexibility to engage in supply chain financing with its vendors. The Amendment also updates certain provisions regarding a successor interest rate to LIBOR and incorporates certain other market changes. Except as amended by the Amendment, the remaining terms of the Credit Agreement remain in full force and effect. The material terms of the Credit Agreement are described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 1, 2019, which description is incorporated herein by reference.
Monro, Inc. is an operator of retail tire and automotive repair stores in the United States. The Company offers replacement tires and tire related services, automotive undercar repair services, as well as a range of routine maintenance services, primarily on passenger cars, light trucks, and vans. The Company provides other products and services for brakes; mufflers and exhaust systems; as well as steering, drive train, suspension, and wheel alignment. The Company's retail tire and automotive repair stores operate primarily under the brands Monro Auto Service and Tire Centers, Tire Choice Auto Service Centers, Mr. Tire Auto Service Centers, Car-X Tire & Auto, Tire Warehouse Tires for Less, Ken Towery's Tire & Auto Care, Mountain View Tire & Auto Service, and Tire Barn Warehouse. It has approximately 1,299 Company-operated retail stores located in 32 states and over 76 Car-X franchised locations. Its subsidiaries include Monro Service Corporation; Car-X, LLC; and MNRO Holdings, LLC.