ADVANCE AUTO PARTS, INC. (NYSE:AAP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
The disclosure under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 1.01. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Amendment to Credit Agreement
On January 10, 2019, the Company entered into Amendment No. 2 to the Credit Agreement dated as of January 31, 2017 (the “Amendment”), among Advance Stores Company, Incorporated, as Borrower, Advance Auto Parts, Inc., as Parent, the banks, financial institutions and other institutional lenders parties thereto and Bank of America, N.A., as Administrative Agent. The Amendment: (i) added a new definition of “Insurance Subsidiary” to the Credit Agreement meaning each wholly owned subsidiary of Parent that is maintained as a special purpose self-insurance subsidiary and any of its subsidiaries; (ii) provided that an Insurance Subsidiary does not serve as a Guarantor of the Credit Agreement; and (iii) provided that Insurance Subsidiaries are permitted to incur intercompany indebtedness. Insurance Subsidiaries will not be required to serve as Guarantors of the Parent’s unsecured notes so long as they are not guarantors of the Credit Agreement.
The Amendmentis guaranteed by the Company and the Guarantors to the Guarantee Agreement among the Company, Advance Stores and the Guarantors in favor of the Agent for the lenders under the 2017Credit Agreement.
Some lenders under the Amendment and their affiliates have various commercial relationships with the Company and its subsidiaries involving the provision of financial services, including cash management, investment banking and general financing services.
The foregoing description does not constitute a complete summary of the Amendment and is qualified by reference in its entirety to the full text of the Amendment filed as Exhibit 10.1 herewith.
Item 1.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
Description of Exhibit |
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Amendment No. 2 to the Credit Agreement, dated as of January 10, 2019, among Advance Auto Parts, Inc., Advance Stores Company, Incorporated, the lenders party thereto, and Bank of America, N.A., as Administrative Agent.
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ADVANCE AUTO PARTS INC Exhibit
EX-10.1 2 exhibit1011-10×2019.htm EXHIBIT 10.1 Exhibit Exhibit 10.1EXECUTION COPYAMENDMENT NO. 2 TO THE CREDIT AGREEMENTDated as of January 10,…
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About ADVANCE AUTO PARTS, INC. (NYSE:AAP)
Advance Auto Parts, Inc. provides automotive aftermarket parts in North America, serving do-it-for-me (commercial) and do-it-yourself (DIY), customers, as well as independently owned operators. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks. The Company also offers other miscellaneous offerings, including e-services. The Company operates approximately 5,170 total stores and over 120 branches, which operate in the United States, Canada, Puerto Rico and the United States Virgin Islands under the names Advance Auto Parts, Autopart International (AI), Carquest and Worldpac. The Company serves its commercial customers and DIY customers through various channels ranging from traditional brick and mortar store locations to self-serving e-commerce sites.
