Daily News: November 14, 2013

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.