Wells, Bofa Arrange Pep Boys Amended Facility
Wells Fargo Securities and BofA Merrill Lynch served as joint lead arrangers and joint bookrunners to reduce the interest rate on its $200 million term loan facility for The Pep Boys — Manny, Moe & Jack.
The amended and restated facility was further amended to reduce the interest rate thereunder from LIBOR (with a floor of 1.25%) plus 3.75% to LIBOR (with a floor of 1.25%) plus 3.00%. The reduction in the interest rate amounts to a $1.5 million annualized interest savings.
Since 1921, Pep Boys has been a leading automotive aftermarket chain.