They remain secured primarily with merchandise inventory in the automotive chain's 596 stores, which operate in 36 states. Earlier this week, the company closed 33 stores.
The new loan facilities provide up to $358 million in credit availability. Of that, $132 million represents off balance sheet operating leases that were refinanced by Wachovia Securities at an interest rate equal to Libor plus 2.5%.
The extended $226-million revolving line of credit was arranged through Wachovia Bank N.A's Congress Financial Unit. The interest rate is generally equal to LIBOR plus 2%.
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