AutoNation, Inc. filed a current report on Form 8-K on September 15, 2026, disclosing that it amended and restated its unsecured credit agreement on September 14, 2026, increasing its revolving credit facility and extending its maturity date to 2031.

Key Highlights

  • Revolving facility increased: The revolving credit facility commitment was raised from $1.9 billion to $2.0 billion.
  • Accordion feature expanded: The accordion feature limit was increased from $500.0 million to $1.0 billion in the aggregate, allowing potential further increases subject to credit availability and certain other conditions.
  • Maturity extended: The maturity date was extended to September 14, 2031.
  • Fees unchanged or lower: Commitment fees and loan margins under the new agreement are the same or lower than those under the prior credit agreement.
  • Financial covenants retained: A maximum leverage ratio of 3.75x and a minimum interest coverage ratio of 3.00x remain in place.
  • Administrative Agent: JPMorgan Chase Bank, N.A. serves as Administrative Agent under the Fifth Amended and Restated Credit Agreement.

AutoNation's Fifth Amended and Restated Credit Agreement: Key Terms and Covenants

According to the filing, AutoNation, Inc. (NYSE:AN) entered into its Fifth Amended and Restated Credit Agreement on September 14, 2026, with JPMorgan Chase Bank, N.A. as Administrative Agent and certain other lenders. The agreement amends and restates the company's existing unsecured credit facility, increasing the revolving credit commitment from $1.9 billion to $2.0 billion. The filing states that the accordion feature, which permits the company to increase its commitment together with any added term loans, was also expanded from $500.0 million to up to $1.0 billion in the aggregate, subject to credit availability and certain other conditions.

The filing reports that commitment fees and loan margins under the new agreement are "the same or lower" than those in the prior credit agreement. The maturity date has been extended to September 14, 2031. The company disclosed that the agreement retains two existing financial covenants: a maximum leverage ratio of 3.75x, which may step up to 4.25x for four fiscal quarters in the event the company completes a material acquisition, and a minimum interest coverage ratio of 3.00x.

The Fifth Amended and Restated Credit Agreement was attached to the report as Exhibit 10.1. The filing was signed by C. Coleman Edmunds, Executive Vice President, General Counsel and Corporate Secretary of AutoNation, Inc., on September 15, 2026.

What Was Disclosed

AutoNation disclosed the amendment and restatement of its unsecured revolving credit facility, including an increase in the commitment amount to $2.0 billion, an expanded accordion feature, unchanged or reduced fees, and an extended maturity date of September 14, 2031.