Replacement car part maker LKQ Corp. said on Friday that it has arranged $1 billion in borrowing, replacing a $750 million line due to expire in October 2013.
The new borrowing options include a $750 million line of credit and a $250 million term loan. The company will pay Libor plus 1.75 percent, which the company said is a half-percentage point less than it was paying before.
The new borrowing expires March 25, 2016.
The company said the upcoming expiration of the original line of credit was its only major upcoming debt maturity. It said it will use the new loan to pay off the old one, and for general corporate purposes.
LKQ shares rose 34 cents to close at $23.49.
