The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Discount Auto Parts Completes of $265M, 5 Year Revolving Credit Facility

5 August 1999

Discount Auto Parts, Inc. Announces the Completion of a New $265 Million, 5 Year Revolving Credit Facility

    LAKELAND, Fla.--Aug. 4, 1999--Discount Auto Parts, Inc. today announced it had completed a new five year $265 million unsecured revolving credit facility with a syndication of banks. The new agreement replaces the three-year facility previously in place, and expands the Company's borrowing capacity. The new agreement was structured and syndicated by SunTrust Equitable Securities Corporation.
    Chief Financial Officer, C. Michael Moore commented that "The closing of the new revolving credit facility, as well as other financing plans expected to occur in fiscal 2000, should provide Discount Auto Parts with sufficient capital for the next few years."
    Discount Auto Parts, Inc. is one of the Southeast's leading specialty retailers and suppliers of automotive replacement parts, maintenance items and accessories to both Do-It-Yourself ("DIY") consumers and professional mechanics and service technicians. The Company currently operates more than 560 stores located throughout Florida, Georgia, Mississippi, Alabama, Louisiana and South Carolina.

Forward Looking Statements

    This release may contain forward-looking statements, which reflect the current views of the Company with respect to certain events that could have an effect on the Company's future financial performance. These statements include the words "expected", "should", and similar expressions. Any such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those currently anticipated.
    These risks and uncertainties include, but are not limited to, increased competition, extent of market demand for auto parts, availability of inventory supply, propriety of inventory mix, adequacy and perception of customer service, product quality and defect experience, availability of and ability to take advantage of vendor pricing programs and incentives, sourcing availability, rate of new store openings, cannibalization of store sites, mix of types of merchandise sold, governmental regulation of products, new store development and the like, performance of information systems, effectiveness of deliveries from the distribution center, ability to hire, train and retain qualified team members, availability of quality store sites, ability to successfully implement the commercial delivery service, credit risk associated with the commercial delivery service, environmental risks, availability of expanded and extended credit facilities, Year 2000 compliance issues, expenses associated with investigations concerning freon matters, and potential for liability with respect to these matters and other risks.