Pep Boys announces that it had closed a new $300 mln senior secured revolving credit facility (PBY) 3.33 -0.03 : Co announces that it had closed a new $300 mln senior secured revolving credit facility with a syndicate led by Bank of America, Wells Fargo and Regions Bank. Borrowings under the new five-year facility, which is secured by inventory, receivables and general intangibles, bear an initial interest rate of London Interbank Offered Rate (LIBOR) plus 3.00%. The new facility replaces the prior facility that was scheduled to expire on December 9, 2009.
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If Pep Boys can get $300 million then Sirius should be able to get some cash too. Pep boys has been unprofitable, with shrinking revenues for 3 years.