Boyd Group Services has amended its existing credit facilities to, among other things, increase its revolving credit facilities to $675 million, with an accordion feature which can increase the credit facilities to a maximum of $1.075 billion, and facilitate the company’s acquisition of Joe Hudson’s Collision Center. The amendments provide more favorable pricing and flexibility while maintaining the existing maturity of August 2030. The existing $125 million term loan A maturing in March 2027 remains unchanged.
The lending institutions participating in the Facilities include TD Bank, National Bank of Canada and Royal Bank of Canada as co-lead arrangers and lenders, as well as Bank of America, The Bank of Nova Scotia and Canadian Imperial Bank of Commerce as lenders.
The company intends to partially draw upon the amended facilities, in combination with the proceeds from the company’s recently-completed common share and senior unsecured notes offerings, to finance the acquisition. The acquisition continues to progress through the customary closing conditions and regulatory requirements.
