On January 25, 2016, Monro Muffler Brake Inc. entered into a new five-year, $600 million Senior Secured Revolving Credit Facility agreement with nine banks. Interest only is payable monthly throughout the Credit Facility's term. The Credit Facility increases the company's current borrowing capacity by $350 million to $600 million and includes an accordion feature permitting the company to request an increase in availability of up to an additional $100 million, an increase of $25 million from the prior financing agreement.

The expanded facility bears interest at 75 to 175 basis points. The Credit Facility contains standard terms for a credit facility of this type, generally consistent with the terms of the company's prior credit facility, including covenants, events of default and acceleration provisions.