UPDATE 1-CarMax completes new credit facility

Newswire

(Adds CFO quote) DETROIT, Aug 26 (Reuters) - Used car retailer CarMax said on Friday it has closed a new revolving credit line providing for borrowings of up to $450 million. The credit facility has a four-year term and is secured by the company's vehicle inventory. It replaces a $300 million term loan and revolving credit facility that was scheduled to expire in May 2006, CarMax said in a statement. "This new credit facility provides CarMax the financial flexibility we need to execute ...

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