America’s Car-Mart’s line of credit was increased from $241 million to a total of $326 million by a group of lenders.
MUFG Union Bank joined the lending group as a new lender with a commitment of $50 million. The lending group also includes BMO Harris Bank, which acted as agent for the lending group with a $71 million commitment. Wells Fargo Bank committed $50 million, up from $30 million, and BOK Financial committed $50 million. First Horizon Bank committed $50 million, up from $40 million, and Arvest Bank made a commitment of $30 million. Commerce Bank made a $25 million commitment, up from $20 million.
BOK Financial and Wells Fargo Bank acted as co-syndication agents under the loan agreement and First Horizon Bank and MUFG Union Bank acted as co-documentation agents under the loan agreement.
“We appreciate the continued commitment of our existing lenders and are excited to have MUFG as a new partner,” Vickie Judy, CFO of America’s Car-Mart, said. “This increase will allow us to continue to grow and make the necessary investments in key areas to provide a foundation for servicing a larger number of customers. The expanded facility will allow us to support our commitment and promise to do whatever it takes to provide customers with excellent service, care and compassion before, during and after the vehicle sale and keep them on the road with peace of mind.”
America’s Car-Mart is a U.S. automotive retailer with dealerships in 12 states.