BENTONVILLE, Ark. — Earlier this week, buy-here, pay-here store chain America's Car-Mart revealed that it entered into an amended and restated loan and security agreement with a group of five lenders.

The new agreement took effect last Friday.

The company explained the arrangement amends and restates the existing loan and security agreement which Car-Mart entered into in November 2010 and which was subsequently amended last year.

Executives noted this new agreement includes an increase in total permitted borrowings of up to $125 million, up from $105 million and an extension of the due date to March 9, 2015. The agreement also contains a $50 million accordion feature to allow for additional future borrowings, subject to lender approval and/or successful syndication.

Furthermore, Car-Mart mentioned this agreement also allows for additional share repurchases and sets new tiered pricing levels, the lowest of which is LIBOR plus 2.5 percent.

As of Jan. 31 and the end of the company's third fiscal quarter, there was approximately $21 million in additional availability under the previous agreement, as amended.

Car-Mart pointed out the lending group includes Bank of America as the administrative agent, lead arranger and book manager. Bank of America's $50 million commitment is down from $52.5 million.

The other lenders include:

—Bank of Arkansas: $35 million commitment, equal to the previous commitment.
—Commerce Bank: $15 million commitment, up from $11.67 million.
—First Tennessee Bank: $15 million commitment from a new lender.
—Arvest Bank: $10 million commitment, up from $5.83 million.

"We continue to have what we believe to be one of the strongest balance sheets in our industry. Our debt to equity and debt to finance receivable ratios at Jan. 31 — 45.7 percent and 26.0 percent respectively — are strong and a reflection of our focus on cash flows and customer success," Car-Mart chief financial officer Jeff Williams stated.

"This new agreement gives us room to continue to grow our company and to serve customers looking for quality vehicles, affordable payment terms and excellent service," Williams added.