LKQ Corp (LKQ) announced that it priced an offering of $600 million of 4.75% senior notes due 2023, which represents an increase from previously announced $500 million. The offering is expected to close on or about May 9, 2013.
LKQ said it will pay interest on the notes semi-annually on May 15 and November 15 of each year, commencing on November 15, 2013. The notes will mature on May 15, 2023.
The company intends to use offering net proceeds to repay borrowings under its revolving credit facility and term loan facility, to pay related fees and expenses and for general corporate purposes.
Separately, LKQ announced that it expects to close on or about May 3, 2013 an amendment to its credit facility involving an increase from $1.4 billion to about $1.8 billion ($1.35 billion under the revolving credit facility and $450 million of term loan availability), which represents a $100 million increase from the $1.7 billion previously announced.
The company continues to expect the pricing of the amended facility to be similar to the existing facility and anticipates modest modifications to the covenants that could provide the Company with more operating flexibility.
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