Copart Refinances Revolving Credit Facility
12.28.21
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Simpson Thacher represented Copart, Inc. (“Copart”) in connection with the refinancing of its $1.05 billion revolving credit facility. Copart’s credit agreement was amended and restated to provide (a) an increase in the revolving credit commitments previously available by $200 million, bringing the aggregate principal amount of the revolving credit commitments to $1.25 billion, (b) for certain wholly-owned foreign subsidiaries of Copart as borrowers, (c) the ability to borrow in certain foreign currencies including Pounds Sterling, Euro and Canadian Dollars, (d) an extension to the maturity date of the revolving credit facility from July 21, 2023 to December 21, 2026 and (e) a reduction to the interest rates with respect to the revolving loans. Bank of America, N.A. acted as administrative agent.
Copart, founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform links sellers to more than 750,000 members in over 170 countries.
The Simpson Thacher team included Eli Isak, Cem Islikci and Jule Walsh (Banking and Credit); and Andrew Purcell (Tax).