Carmax Inc 8-K, filed Mar 25, 2020
Carmax Inc (KMX)
8-K
2020-03-25
For: 2020-03-23
View Original
Added on
April 07, 2026
About this 8-K
Carmax Inc filed this 8-K on March 25, 2020, reporting on events of March 23, 2020.
Items reported
- Item 2.03: New debt or off-balance-sheet obligation
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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(804 ) 747-0422
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Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
On June 7, 2019, CarMax, Inc. (the “Company”), CarMax Auto Superstores, Inc. and certain other subsidiaries of the Company, entered into a Credit Agreement (the “Credit Agreement”) for an unsecured revolving credit facility with Bank of America, N.A., as a lender and as administrative agent, and the other lending institutions named therein (collectively, the “Lenders”). The Credit Agreement provides for aggregate revolving borrowings of up to $1.45 billion subject to certain terms and conditions. The other material terms of the Credit Agreement were described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 11, 2019. On March 23, 2020, the Company provided notice to the Lenders that it would draw down $510 million under the Credit Agreement. Following the draw down, approximately $450 million in unused borrowing capacity remained available to the Company under the Credit Agreement. The Credit Agreement is scheduled to expire on June 7, 2024. The Company elected to draw down these amounts to further bolster its liquidity position and to provide additional financial flexibility in light of the current uncertainty surrounding the impact of COVID-19. The Company plans to file its fiscal 2020 year-end earnings press release on April 2, 2020, and will provide additional information at that time. | |
Item 7.01 | Regulation FD Disclosure |
The information described above under Item 2.03 is hereby incorporated by reference into this Item 7.01. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CARMAX, INC. | ||
(Registrant) | ||
Dated: March 25, 2020 | By:/s/ Eric M. Margolin | |
Eric M. Margolin | ||
Executive Vice President, General Counsel and Corporate Secretary | ||