Motorcar Parts of America Announces Extension of Credit Facility
June 02 2021 - 7:00AM
Business Wire
Motorcar Parts of America, Inc. (Nasdaq: MPAA) today announced
it has extended the maturity date of the loan agreement of the
company’s existing credit facility led by PNC Bank, N.A. to May
2026 – including amendments which further enhance the company’s
strong liquidity base. The credit facility amount remains
unchanged, with an aggregate facility of approximately $269 million
– consisting of a $238.62 million revolver and a $30 million term
loan facility.
“The extension and related amendments recognize the company’s
strategic milestones and the further benefits we expect to realize
from our investments. We are gratified by the ongoing support of
PNC Bank and the loan syndicate, and look forward to a continued
strong working relationship,” said Selwyn Joffe, chairman,
president and chief executive officer.
Additional details concerning the amended credit facility
agreement are available in a related Form 8-K filing.
About Motorcar Parts of America, Inc.
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 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 2020 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/20210602005118/en/
Gary S. Maier (310) 972-5124
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