PNC Bank led a new five-year, $230 million credit facility for Motorcar Parts of America. The facility includes a $200 million revolver and $30 million term loan and replaces a previous credit facility consisting of a $120 million revolver and a $25 million term loan.
“The new credit facility provides the company with more than adequate increased liquidity at less cost, and more financial flexibility to execute management’s strategic growth plans for the future. We are gratified by the ongoing support of PNC and the loan syndicate and look forward to a continued strong working relationship,” said Selwyn Joffe, chairman, president and CEO of Motorcars.
Motorcar Parts of America remanufactures, manufactures and distributes automotive aftermarket parts, including alternators, starters, wheel bearing and hub assemblies, brake master cylinders, brake power boosters and turbochargers utilized in imported and domestic passenger vehicles, light trucks and heavy-duty applications.
