{"id":499912,"date":"2021-06-02T08:04:55","date_gmt":"2021-06-02T12:04:55","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/motorcar-parts-of-america-announces-extension-of-credit-facility\/"},"modified":"2021-06-02T08:04:55","modified_gmt":"2021-06-02T12:04:55","slug":"motorcar-parts-of-america-announces-extension-of-credit-facility","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/motorcar-parts-of-america-announces-extension-of-credit-facility\/","title":{"rendered":"Motorcar Parts of America Announces Extension of Credit Facility"},"content":{"rendered":"

<\/p>\n

Motorcar Parts of America Announces Extension of Credit Facility<\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–
\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today announced it has extended the maturity date of the loan agreement of the company\u2019s existing credit facility led by PNC Bank, N.A. to May 2026 \u2013 including amendments which further enhance the company\u2019s strong liquidity base. The credit facility amount remains unchanged, with an aggregate facility of approximately $269 million \u2013 consisting of a $238.62 million revolver and a $30 million term loan facility.\n<\/p>\n

\n\u201cThe extension and related amendments recognize the company\u2019s 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,\u201d said Selwyn Joffe, chairman, president and chief executive officer.\n<\/p>\n

\nAdditional details concerning the amended credit facility agreement are available in a related Form 8-K filing.\n<\/p>\n

About Motorcar Parts of America, Inc.<\/b><\/p>\n

Motorcar Parts of America, Inc.<\/b> 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\u2019s electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train \u2013 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<\/a>.\n<\/p>\n

The Private Securities Litigation Reform Act of 1995 provides a \u201csafe harbor\u201d 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\u2019s 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\u2019s 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.<\/i><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210602005118\/en\/<\/a><\/span><\/p>\n

\nGary S. Maier
\n
(310) 972-5124\n<\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Other Energy Hardware Alternative Vehicles\/Fuels General Automotive Aftermarket Technology Automotive Environment Semiconductor Automotive Manufacturing Aerospace Manufacturing<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

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 company\u2019s existing credit facility led by PNC Bank, N.A. to May 2026 \u2013 including amendments which further enhance the company\u2019s strong liquidity base. The credit facility amount remains unchanged, with an aggregate facility of approximately $269 million \u2013 consisting of a $238.62 million revolver and a $30 million term loan facility. \u201cThe extension and related amendments recognize the company\u2019s 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 … <\/p>\n

Continue reading “Motorcar Parts of America Announces Extension of Credit Facility”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-499912","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMotorcar Parts of America Announces Extension of Credit Facility - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/motorcar-parts-of-america-announces-extension-of-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Motorcar Parts of America Announces Extension of Credit Facility - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"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 company\u2019s existing credit facility led by PNC Bank, N.A. to May 2026 \u2013 including amendments which further enhance the company\u2019s strong liquidity base. The credit facility amount remains unchanged, with an aggregate facility of approximately $269 million \u2013 consisting of a $238.62 million revolver and a $30 million term loan facility. \u201cThe extension and related amendments recognize the company\u2019s strategic milestones and the further benefits we expect to realize from our investments. 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