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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Bank of America Agents Copart’s Credit Facility Increase to $850MM
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Lenders/Participants
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Bank of America [Administrative Agent]
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Structure
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Facility Amendment - $500MM Revolver Increase
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Amount
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$850.000
Million
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Borrower(s)
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Copart, Inc.
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Description
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On July 21, 2016, Copart, Inc. entered into a Second Amendment to Credit Agreement (the “Second Amendment to Credit Agreement”) by and among Copart, certain subsidiaries of Copart party thereto, the lenders party thereto. The Second Amendment to Credit Agreement provides for, among other things, (a) an increase in the secured revolving credit commitments by $500.0 million, bringing the aggregate principal amount of the revolving credit commitments under the Credit Agreement to $850.0 million, (b) the repayment of existing term loans outstanding under the Credit Agreement, (c) an extension of the termination date of the revolving credit facility under the Credit Agreement from March 15, 2021 to July 21, 2021 and (d) increased covenant flexibility, including, among other things, (i) an increase in Copart’s total maximum net leverage ratio from 3.5x to 3.75x and (ii) an increase in the total net leverage ratio limit on Copart’s ability to incur additional senior pari passu debt from 2.5x to 3.25x. Concurrent with the closing of the Second Amendment to Credit Agreement, Copart prepaid in full the outstanding $242.5 million principal amount of existing term loans under the Credit Agreement with approximately $5 million in cash on hand and the balance with loan proceeds from a drawing under the secured revolving credit commitments under the Credit Agreement. The Second Amendment to Credit Agreement reduced the pricing levels under the Credit Agreement to a range of 0.125% to 0.20% in the case of the commitment fee, 1.00% to 1.75% in the case of the applicable margin for LIBOR loans, and 0.00% to 0.75% in the case of the applicable margin for base rate loans, in each case depending on Copart’s consolidated total net leverage ratio.
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Industry
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Automotive
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Location
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TX
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| Related Tags |
Bank of America, Wells Fargo Bank
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ABL Advisor
Deal Tables
2024
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