Motorcar Parts of America extended the maturity date of the company’s $238.62 million revolving credit facility led by PNC Bank 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,” Selwyn Joffe, chairman, president and CEO of Motorcar Parts of America, said. “Equally important, the credit facility extension reinforces our strong relationship with PNC Bank and our lending syndicate.”
Peter Mardaga, head of PNC Business Credit, added, “This extension reflects PNC’s confidence in Motorcar Parts of America, its leadership team and its strategic direction. We value our longstanding relationship with the company and are proud to provide financing solutions that support its continued growth, liquidity needs and commitment to creating value for its customers and stakeholders.”
