On September 14, 2026, AutoNation, Inc. filed a Current Report on Form 8-K announcing an amendment and restatement of its unsecured credit agreement. The new agreement, titled the Fifth Amended and Restated Credit Agreement, was executed with JPMorgan Chase Bank, N.A. acting as the Administrative Agent and other named lenders.
The filing details several key changes to the company's financial framework. The revolving credit facility commitment has been increased from $1.9 billion to $2.0 billion. Additionally, the accordion feature has been expanded, allowing the company to increase its commitment and any added term loans by up to $1.0 billion in the aggregate, a significant increase from the previous limit of $500.0 million.
The maturity date of the agreement has been extended to September 14, 2031. The filing notes that the commitment fees and loan margins under the new agreement are the same or lower than those under the prior agreement.
AutoNation stated that the Fifth Amended and Restated Credit Agreement continues to include specific financial covenants. These include a maximum leverage ratio of 3.75x, subject to a step-up to 4.25x for four fiscal quarters in the event of a material acquisition, and a minimum interest coverage ratio of 3.00x.
