MOTORCAR PARTS OF AMERICA INC (MPAA): debt financing — Motorcar Parts of America issues $32M convertible notes at 10% to Bison Capital; Bison co-founder joins board

MOTORCAR PARTS OF AMERICA INC

Issued $32M aggregate principal of 10% convertible notes due 2029; conversion price ~$15 per share.
Interest at 10% per annum, compounded annually, payable in kind or cash starting April 1, 2024.
Company may redeem notes after March 31, 2026, subject to conditions including EBITDA > $80M and stock price thresholds.
Douglas Trussler, co-founder of Bison Capital, appointed to board effective immediately; not independent.
CEO Selwyn Joffe's employment agreement extended to July 1, 2027.

item 1.01 item 5.02 item 2.03 item 3.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Douglas Trussler

Director

MPAA · MOTORCAR PARTS OF AMERICA INC

Effective: 2023-03-31
Filed: March 31, 2023, 7:59 PM ET

the Board appointed Douglas Trussler to the Board, effective immediately

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MOTORCAR PARTS OF AMERICA INC incurred convertible notes of $32,000,000 in aggregate principal amount with Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P. at 10.0% per annum maturing March 30, 2029.

Instrument: convertible notes
Principal: $32,000,000 in aggregate principal amount
Counterparty: Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P.
Rate: 10.0% per annum
Maturity: March 30, 2029
Event: incurrence

Exact text from the filing

On March 31, 2023, Motorcar Parts of America, Inc. (the “Company”) entered into a note purchase agreement (the “Note Purchase Agreement”) with Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P. (collectively, the “Purchasers”) and Bison Capital Partners VI, L.P., as the purchaser representative (the “Purchaser Representative”), relating to the issuance and sale by the Company to the Purchasers of $32,000,000 in aggregate principal amount of the Company’s 10% Convertible Notes due 2029 (the “Notes”).

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Executive change SEC 8-K Item 5.02 confidence 0.95

Douglas Trussler was appointed as Director at MOTORCAR PARTS OF AMERICA INC.

Action: appointed
Role: Director

Exact text from the filing

the Board appointed Douglas Trussler to the Board, effective immediately

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MOTORCAR PARTS OF AMERICA INC entered into Note Purchase Agreement with Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P. valued at $32,000,000 (effective 2023-03-31).

Action: entry
Agreement: notes offering
Counterparty: Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P.
Value: $32,000,000
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, Motorcar Parts of America, Inc. (the “Company”) entered into a note purchase agreement (the “Note Purchase Agreement”) with Bison Capital Partners VI, L.P. and Bison Capital Partners VI-A, L.P. (collectively, the “Purchasers”) and Bison Capital Partners VI, L.P., as the purchaser representative (the “Purchaser Representative”), relating to the issuance and sale by the Company to the Purchasers of $32,000,000 in aggregate principal amount of the Company’s 10% Convertible Notes due 2029 (the “Notes”).

View on SEC.gov

73 debt financings filed in the last 30 days. Browse all debt financings →

MOTORCAR PARTS OF AMERICA INC filing history →

Source: SEC EDGAR

accession 0001140361-23-015360

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