Cerberus, PNC Provide $95 Million to Motorcar Parts of America
Motorcar Parts of America announced it has entered into a $95 million credit facility comprised of a $75 million term loan with Cerberus Business Finance and a $20 million revolving credit facility with PNC Bank. The new loan replaces a previous $55.5 million credit facility.
“This loan provides increased liquidity to execute the company’s growth strategy. The automotive aftermarket is a dynamic industry and we are excited by our existing and new opportunities. We appreciate the support and look forward to working with our new lenders,” said Selwyn Joffe, chairman, president and chief executive officer.
Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy-duty applications.