Motorcar Parts of America, a remanufacturer, manufacturer and distributor of automotive aftermarket parts, extended the maturity date of the company’s $238.62 million revolving credit facility led by PNC Bank to December 2028, with enhancements that provide working capital flexibility, liquidity and other favorable terms, including opportunities to benefit from reduced interest rates.
As previously disclosed, the company paid down its outstanding $11.25 million term loan during its fiscal Q2/24.
“The extension of the maturity date and enhancements recognize the company’s milestones and solid position within the automotive aftermarket and complement management’s focus on executing key strategic growth plans. Equally important, this extension reinforces our strong relationship with PNC and the bank lending syndicate,” Selwyn Joffe, chairman, president and CEO of Motorcar Parts of America, said.
