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Motorcar Parts of America Announces Extension of Credit Facility
LOS ANGELES--(BUSINESS WIRE)-- Motorcar Parts of America, Inc. (Nasdaq: MPAA) today announced it has extended the maturity date of the loan agreement of the
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nMotorcar 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.\n\n“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.\n\nAdditional details concerning the amended credit facility agreement are available in a related Form 8-K filing.\n\nAbout Motorcar Parts of America, Inc.\n\nMotorcar 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.\n\nThe 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...