Copart 8-K

Summary

Copart entered into a new $1.25B unsecured revolving credit facility, replacing its prior facility, which it terminated and repaid. The new facility supports general corporate purposes, including working capital, capital expenditures, dividends, potential share repurchases, acquisitions and other investments.

Key Figures

• Facility: $1.25B, maturing 1/23/2031; Copart may request up to two one-year extensions. A discretionary incremental facility of up to $500M is available.
• Borrowing rates: at Copart’s option, the applicable benchmark rate plus 0.75%–1.125%, or the daily rate plus 0%–0.125%; margins depend on consolidated total net leverage. Unused commitments carry a 0.05%–0.125% fee.
• Includes foreign-currency borrowing capacity equivalent to up to $550M, a $100M swingline sublimit and a $100M letter-of-credit sublimit. The facility is guaranteed by its borrowers and certain domestic subsidiaries.