PARTS iD, the owner and operator of, among other verticals, “CARiD.com,” a digital commerce platform for the automotive aftermarket, closed a $5.5 million senior secured term loan with JGB Capital. The company also has the ability to obtain, at JGB’s discretion, an additional $5.5 million of incremental senior secured debt pursuant to the credit agreement. The company intends to use the facility for working capital purposes.
“We are pleased to partner with JGB Capital to strengthen our balance sheet and help fund our strategic initiatives,” Nino Ciappina, CEO of PARTS iD, said. “This new capital will assist us in dealing with short and medium-term liquidity issues which may be presented in this challenging economic environment.”
The initial term loan matures in October 2025 and bears interest at an annual rate of 8.00%.
