Motorcar Parts of America Extends Credit Facility With PNC Bank
Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it has extended the maturity date of the company’s $238.62 million revolving credit facility led by PNC Bank, N.A., to August 2031. The amended facility includes enhancements that provide working capital flexibility, liquidity and other favorable terms.
“The extension of the maturity date and enhancements recognize the company’s milestones and solid position within the automotive aftermarket and complement management’s commitment to strategic growth and profitability,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.
“Equally important, the credit facility extension reinforces our strong relationship with PNC Bank and our lending syndicate,” Joffe said.
He noted the company’s enhanced industry position, particularly with respect to its brand-related products, is expected to drive growth. He highlighted the company’s expansion of its brand portfolio, including the recent purchase of intellectual and digital property associated with the Centric Parts brake brands and its Quality-Built™ brand, as important catalysts to support continued strategic growth.
