If Pep Boys can get 300 Million....

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.



----

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.

This credit facility already existed though, and was simply used to extend the facility. I do not know what the original facility was, but I believe it was the same ammount.

Now, this does bode well for the May credit facilities that Sirius has, but means nothing for the Feb or December debt payments, which are convert. debt and not credit facilities.

Newman or anyone

Libor + 3.00% is a pretty good number isn't it?? Do you know what the Siri % rate for the May Bank Facility?? Would LIBOR + 3% be good for Siri?