debt
confidence high
sentiment positive
materiality 0.50
Standard Motor Products upsizes credit facility to $300M, replaces LIBOR with SOFR
STANDARD MOTOR PRODUCTS, INC.
- Increased revolving credit facility from $250M to $300M via accordion draw of $50M.
- Replaced LIBOR with Term SOFR as benchmark rate; maturity unchanged.
- Up to $50M to fund working capital for sales growth and support customer inventory amid supply chain constraints.
- Trumpet Holdings added as a U.S. Borrower under the credit agreement.