secwatch.observer — SEC 8-K summary
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Issuer:     STANDARD MOTOR PRODUCTS, INC. (SMP)
CIK:        0000093389
Form:       8-K
Filed at:   2022-06-02T23:59:59+00:00
Accession:  0001140361-22-021594
Event type: debt
Sentiment:  positive
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Standard Motor Products closes new $500M credit facility, replaces $300M revolver
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- New $500M facility: $100M term loan + $400M multi-currency revolver, maturing June 2027, replacing $300M revolving facility from 2015.
- Entered interest rate swap on $100M of borrowings to manage exposure to interest rate changes.
- Proceeds repay prior revolver, fees, and for general corporate purposes; CFO cites support for growth and shareholder returns.
- Revolver has $25M letter of credit sublimit; interest based on SOFR plus applicable margin (1.0%–2.0% for benchmark borrowings).
- Material domestic subsidiaries guarantee the facility, secured by substantially all personal property.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/93389/000114036122021594/0001140361-22-021594-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/93389/000114036122021594/brhc10038367_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-22-021594

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