America’s Car-Mart extended the term of its revolving credit facilities to Sept. 29, 2024, and increased the total permitted borrowings to $600 million. In addition, CIBC Bank USA and Axos Bank joined the lending group.
MUFG Union Bank, BMO Harris Bank, Wells Fargo, BOK Financial, First Horizon Bank, Arvest Bank and Commerce Bank increased America’s Car-Mart’s existing line of credit to from $241 million to $326 million. MUFG joined the group as a new lender.
Purple Innovation executed a new five-year $100 million senior secured credit facility, consisting of a $45 million term loan and a $55 million revolving line of credit, with a group of financial institutions led by KeyBanc Capital Markets.
Arvest Bank refinanced 1847 Goedeker’s $3.5 million term loan by providing a new five-year, 3.25% term loan. The original loan had a remaining term of 45 months and carried a rate of 12%. The refinancing reduced the annual debt service by nearly $410,000.
A group of lenders led by Bank of America increased America’s Car Mart credit facility from $171.2 million to $200 million and extended the maturity date to December 12, 2019.