CHICAGO, Oct. 7, 2019 /PRNewswire/ -- Cars.com Inc. (NYSE:
CARS) ("Cars.com" or the "Company"), today announced the completion
of an amendment to its existing credit facility, which resets the
total net leverage covenant during the remaining term of the credit
agreement while preserving the favorable pricing structure from the
original agreement.
The amendment increases the Company's maximum total net leverage
ratio from 3.75x to 4.50x with incremental step downs through
maturity on May 31, 2022. At
June 30, 2019, the Company's total
net leverage was 3.25x.
"We continue to generate significant cash flow, which gives us
the ability to reduce debt or invest for growth as appropriate,"
said Becky Sheehan, Chief Financial
Officer of Cars.com. "This amendment provides flexibility to
respond to marketplace changes if and when they arise and
demonstrates the continuation of our strong financial
position."
About Cars.com
Cars.com is a leading digital marketplace and solutions provider
for the automotive industry that connects car shoppers with
sellers. Launched in 1998 with the flagship marketplace site
Cars.com and headquartered in Chicago, the Company empowers shoppers with
data, resources and digital tools needed to make informed buying
decisions and seamlessly connect with automotive retailers. In a
rapidly changing market, Cars.com enables dealerships and OEMs with
innovative technical solutions and data-driven intelligence to
better reach and influence ready-to-buy shoppers, increase
inventory turn and gain market share. In 2018, Cars.com acquired
Dealer Inspire®, an innovative technology company building
solutions that future-proof dealerships with more efficient
operations, a faster and easier car buying process, and connected
digital experiences that sell and service more vehicles.
Cars.com properties include DealerRater®, Dealer
Inspire®, Auto.com™, PickupTrucks.com®
and NewCars.com®. For more information,
visit www.Cars.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the federal securities laws. All statements other
than statements of historical facts are forward-looking statements.
Forward-looking statements include information concerning our
business strategies, plans and objectives, market potential,
outlook, trends, future financial performance, planned operational
and product improvements, liquidity and other matters and involve
known and unknown risks that are difficult to predict. As a result,
our actual financial results, performance, achievements, strategic
actions or prospects may differ materially from those expressed or
implied by these forward-looking statements. These statements often
include words such as "believe," "expect," "project," "anticipate,"
"intend," "strategy," "plan," "estimate," "target," "seek," "will,"
"may," "would," "should," "could," "forecasts," "mission,"
"strive," "more," "goal" or similar expressions. Forward-looking
statements are based on our current expectations, beliefs,
strategies, estimates, projections and assumptions, based on our
experience in the industry as well as our perceptions of historical
trends, current conditions, expected future developments and other
factors we think are appropriate. Such forward-looking statements
are necessarily based upon estimates and assumptions that, while
considered reasonable by the Company and its management based on
their knowledge and understanding of the business and industry, are
inherently uncertain. These statements are expressed in good faith
and we believe these judgments are reasonable. However, you should
understand that these statements are not guarantees of strategic
action, performance or results. Our actual results could differ
materially from those expressed in the forward-looking statements.
Given these uncertainties, forward-looking statements should not be
relied on in making investment decisions. Comparisons of results
between current and prior periods are not intended to express any
future trends, or indications of future performance, unless
expressed as such, and should only be viewed as historical data.
Whether or not any such forward-looking statement is in fact
achieved will depend on future events, some of which are beyond our
control.
Forward-looking statements are subject to a number of risks,
uncertainties and other important factors, many of which are beyond
our control, that could cause our actual results to differ
materially from those expressed in the forward-looking statements
contained in this press release. For a detailed discussion of many
of these and other risks and uncertainties, see our Annual Report
on Form 10-K for the year ended December 31,
2018, our subsequent Quarterly Reports on Form 10-Q and our
Current Reports on Form 8-K and our other filings with the
Securities and Exchange Commission, available on our website at
investor.cars.com or via EDGAR at www.sec.gov. All forward-looking
statements contained in this press release are qualified by these
cautionary statements. You should evaluate all forward-looking
statements made in this press release in the context of these risks
and uncertainties. The forward-looking statements contained in this
press release are based only on information currently available to
us and speak only as of the date of this press release. We
undertake no obligation, other than as may be required by law, to
update or revise any forward-looking or cautionary statements to
reflect changes in assumptions, the occurrence of events,
unanticipated or otherwise, or changes in future operating results
over time or otherwise.
The forward-looking statements in this press release are
intended to be subject to the safe harbor protection provided by
the federal securities laws.
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SOURCE Cars.com, Inc.