Motorcar Parts of America Extends Credit Facility Maturity With PNC Bank
13 Dezembro 2023 - 10:00AM
Business Wire
Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it
has extended the maturity date of the company’s $238.62 million
revolver credit facility led by PNC Bank, N.A. to December 2028,
with enhancements that provide working capital flexibility,
liquidity, and other favorable terms -- including opportunities to
benefit from reduced interest rates.
As previously disclosed, the company paid down its outstanding
$11.25 million term loan during its fiscal 2024 second quarter.
“The extension of the maturity date and enhancements recognize
the company’s milestones and solid position within the automotive
aftermarket and complement management’s focus on executing key
strategic growth plans. Equally important, this extension
reinforces our strong relationship with PNC and the bank lending
syndicate,” said Selwyn Joffe, chairman, president and chief
executive officer of Motorcar Parts of America.
Additional details concerning the amended credit facility
agreement are available in a related Form 8-K filing.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer,
manufacturer, and distributor of automotive aftermarket parts --
including alternators, starters, wheel bearings and hub assemblies,
brake calipers, brake pads, brake rotors, brake master cylinders,
brake power boosters, turbochargers, and diagnostic testing
equipment utilized in imported and domestic passenger vehicles,
light trucks, and heavy-duty applications. Its products are sold to
automotive retail outlets and the professional repair market
throughout the United States, Canada, and Mexico, with facilities
located in California, New York, Mexico, Malaysia, China and India,
and administrative offices located in California, Tennessee,
Mexico, Singapore, Malaysia, and Canada. In addition, the company’s
electrical vehicle subsidiary designs and manufactures testing
solutions for performance, endurance, and production of multiple
components in the electric power train – providing simulation,
emulation, and production applications for the electrification of
both automotive and aerospace industries, including electric
vehicle charging systems. Additional information is available at
www.motorcarparts.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for certain forward-looking statements. The
statements contained in this press release that are not historical
facts are forward-looking statements based on the company’s current
expectations and beliefs concerning future developments and their
potential effects on the company. These forward-looking statements
involve significant risks and uncertainties (some of which are
beyond the control of the company) and are subject to change based
upon various factors. Reference is also made to the Risk Factors
set forth in the company’s Form 10-K Annual Report filed with the
Securities and Exchange Commission (SEC) in June 2023 and in its
Forms 10-Q filed with the SEC for additional risks and
uncertainties facing the company. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231213593480/en/
Gary S. Maier Vice President, Corporate Communications & IR
310-972-5124
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