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Pep Boys to Expand Term Loan Financing

Pep Boys to Expand Term Loan Financing

PHILADELPHIA - September 11, 2006 

The Pep Boys - Manny, Moe & Jack (NYSE: "PBY"), the nation's leading automotive aftermarket retail and service chain, announced today that it has engaged Wachovia Capital Markets, LLC to structure, arrange and privately syndicate a $120 million increase to its current $200 million senior secured term loan facility, expected to be completed in October or November 2006. The proceeds from the facility will be used to repay other indebtedness.

The closing of the amendment and restatement of the Wachovia facility is subject to a successful syndication, the execution of definitive agreements, the absence of any material adverse change in the Company's business or the financial markets and certain other customary closing conditions.

CFO Harry Yanowitz said, "We expect that this facility will be the final piece of the puzzle to extend the Company's debt maturity profile."

About Pep Boys

Pep Boys has 593 stores and more than 6,000 service bays in 36 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the Company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800 -PEP-BOYS or by visiting pepboys.com.

Certain statements contained herein constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The word "guidance," "expect," "anticipate," "estimates," "forecasts" and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include management's expectations regarding future financial performance, automotive aftermarket trends, levels of competition, business development activities, future capital expenditures, financing sources and availability and the effects of regulation and litigation. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. The Company's actual results may differ materially from the results discussed in the forwardlooking statements due to factors beyond the control of the Company, including the strength of the national and regional economies, retail and commercial consumers' ability to spend, the health of the various sectors of the automotive aftermarket, the weather in geographical regions with a high concentration of the Company's stores, competitive pricing, the location and number of competitors' stores, product and labor costs and the additional factors described in the Company's filings with the SEC. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

  • Contact:
  • Pep Boys, Philadelphia
  • Investor Contact: Harry Yanowitz, 215-430-9720
  • Media Contact: Bill Furtkevic, 215-430-9676
  • Internet: http://www.pepboys.com