RICHMOND, VA – CarMax, Inc. has signed a commitment letter with Bank of America N.A. and Banc of America Securities LLC to arrange a new $350 million to $400-million credit facility in which Bank of America N.A. has committed to lend up to $150 million. CarMax also announced that it has mutually agreed with Daimler Chrysler Services North America, LLC and Toyota Motor Credit Corp. to allow the company's existing $300-million credit agreement to terminate no later than the scheduled expiration in May 2006. Without this action, the current credit agreement would have renewed automatically for successive one-year terms.
The company expects to close on the new credit facility during its second fiscal quarter ending August 31, 2005. Closing is subject to customary conditions, execution of a definitive credit agreement, and the completion of the loan syndication.