Daily News: June 10, 2019

PNC Upsizes Motorcar Parts of America Facility to $269MM

Motorcar Parts of America entered into an amended credit facility agreement led by PNC Bank, resulting in a new increased aggregate facility of approximately $269 million.

The new facility consists of a $238.62 million revolver line and a $30 million term loan.

“The amended credit facility provides the company with additional financial flexibility to execute management’s strategic targets for growth and profitability. 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, Motorcar Parts chairman, president and CEO.