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CRMT - America's CAR-MART Inc News Story

$150.22 2.8  1.9%

Last Trade - 08/03/21

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £704.9m
Enterprise Value £845.1m
Revenue £603.4m
Position in Universe 2797th / 6647

America’s Car-Mart, Inc. Announces Increase of Revolving Line of Credit to $326 Million

Thu 31st December, 2020 10:00pm
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Rogers, Arkansas, Dec. 31, 2020 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc.
(NASDAQ: CRMT) (the “Company”) today announced it has utilized a portion
of the accordion feature under its Third Amended and Restated Loan and
Security Agreement (“Agreement”).

The increase allows for total permitted borrowings of $326 million up from
$241 million. MUFG Union Bank, N.A. (MUFG) joined the lending group as a new
lender with a commitment of $50 million.  The lending group also includes BMO
Harris Bank, N.A., Agent for the lending group ($71 million commitment), Wells
Fargo Bank, N.A. ($50 million commitment, up from $30 million), BOKF, NA d/b/a
BOK Financial ($50 million commitment), First Horizon Bank ($50 million
commitment, up from $40 million), Arvest Bank ($30 million commitment), and
Commerce Bank ($25 million commitment, up from $20 million).  In addition to
the increased permitted borrowings, the following designations for the lending
group were authorized: (i) BOKF, NA d/b/a BOK Financial and Wells Fargo Bank,
N.A. were designated as Co-Syndication Agents under the Loan Agreement and
(ii) First Horizon Bank and MUFG Union Bank, N.A. were designated 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,” said Vickie Judy, Chief Financial
Officer. “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.”

About America's Car-Mart

America’s Car-Mart operates automotive dealerships in twelve states and is
one of the largest publicly-held automotive retailers in the United States
focused exclusively on the “Integrated Auto Sales and Finance” segment of
the used car market.  The Company specializes in the sale of quality,
pre-owned vehicles, and features flexible used car financing options for
customers with bad credit, no credit, repossessions or even past bankruptcy.
The Company emphasizes superior customer service and the building of strong
personal relationships with its customers. The Company operates its
dealerships primarily in smaller cities throughout the South-Central United
States selling quality used vehicles and providing financing for substantially
all of its customers.  For more information about America’s Car-Mart,
including investor presentations, please visit our website at
www.car-mart.com.

Contacts:Jeff Williams, CEO at (479) 464-9944 or Vickie Judy, CFO at (479) 464-9944



(https://www.globenewswire.com/NewsRoom/AttachmentNg/bd56b2d4-7281-4f7b-821f-f8217e5a6962)



GlobeNewswire, Inc. 2020
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