America's Car-Mart Inc. amended its loan and security agreement to increase total permitted borrowings to $200 million from $172.5 million.

The amendment also extended the term of the company's revolving credit facilities to Dec. 12, 2019.

The agreement includes an accordion feature allowing for up to an additional $50 million in total commitments, subject to lender approval and/or successful syndication. The agreement provides for three pricing tiers for determining the applicable interest rate, based on the company's consolidated leverage ratio for the preceding fiscal quarter. The agreement also requires the company to pay a monthly fee to the lenders of 0.25% times the amount of unused credit commitments.

Borrowings are mainly secured by accounts receivable and inventory of the company's respective subsidiaries. The agreement also reset the aggregate limit on the repurchase of company stock to $40 million starting Dec. 12.

The lending group includes Bank of America NA, BOKF NA d/b/a Bank of Arkansas, Commerce Bank, First Tennessee Bank NA and Arvest Bank. Bank of America serves as the agent for the lenders, lead arranger and book manager for the amended credit facilities.