America's Car-Mart boosts credit facility.America's Car-Mart Inc. of Bentonville Bentonville, city (2000 pop. 19,730), seat of Benton co., extreme NW Ark., in the Ozark Mts.; settled 1837 and named for Senator Thomas Hart Benton. Local industries produce fabricated metal products, plastic molding, electronic equipment, textiles, cutting tools, increased its total credit facility with a group of lenders to $60 million from $50 million. The increase is represented by a $10 million, 7.33 percent term loan with principal and interest payable in 120 consecutive and substantially equal monthly installments beginning June 1. T. J. "Skip" Falgout III, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, the new term loan "allows the company to fix the rate on a portion of its financing and makes that portion immune to fluctuations in short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. . Proceeds from the term loan were used to pay down borrowings on the revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facilities." |
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