MOTORCAR PARTS OF AMERICA INC (MPAA): debt financing — Motorcar Parts extends $238.62M revolver maturity to Dec 2028 with PNC Bank

MOTORCAR PARTS OF AMERICA INC

Extended maturity of $238.62M revolver credit facility to December 2028, with enhancements providing working capital flexibility.
Pricing grid: Term SOFR margin ranges 2.75%-3.25%; base rate margin 1.75%-2.25% based on average daily undrawn availability.
Fixed Charge Coverage Ratio now a springing covenant, tested only if undrawn availability <22.5% of revolving commitments.
Company paid down $11.25M term loan during fiscal Q2 2024, reducing debt.
CEO Selwyn Joffe highlighted improved terms and strengthened relationship with PNC and syndicate.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

MOTORCAR PARTS OF AMERICA INC amended credit facility of not specified with PNC Bank, N.A. at 2.75% to 3.25% for Term SOFR loans, 1.75% to 2.25% for base rate loans maturing December 12, 2028.

Instrument: credit facility
Principal: not specified
Counterparty: PNC Bank, N.A.
Rate: 2.75% to 3.25% for Term SOFR loans, 1.75% to 2.25% for base rate loans
Maturity: December 12, 2028
Event: amendment

Exact text from the filing

On December 12, 2023, Motorcar Parts of America, Inc. (the “Company”) amended its Amended and Restated Revolving Credit, Term Loan and Security Agreement (as amended to date, the “Loan Agreement”) by entering into the Eighth Amendment to Loan Agreement (the “Eighth Amendment”) with D & V Electronics Ltd., Dixie Electric Ltd., and Dixie Electric Inc., as the Canadian borrowers, PNC Bank, N.A., as agent, and the financial institutions party thereto.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

MOTORCAR PARTS OF AMERICA INC amended Eighth Amendment to Loan Agreement with D & V Electronics Ltd., Dixie Electric Ltd., and Dixie Electric Inc., as the Canadian borrowers, PNC Bank, N.A., as agent, and the financial institutions party thereto valued at extended term to December 12, 2028; amended pricing grid with Applicable Margin ranging from 2.75% t (effective 2023-12-12).

Action: amendment
Agreement: credit facility
Counterparty: D & V Electronics Ltd., Dixie Electric Ltd., and Dixie Electric Inc., as the Canadian borrowers, PNC Bank, N.A., as agent, and the financial institutions party thereto
Value: extended term to December 12, 2028; amended pricing grid with Applicable Margin ranging from 2.75% t
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023, Motorcar Parts of America, Inc. (the “Company”) amended its Amended and Restated Revolving Credit, Term Loan and Security Agreement (as amended to date, the “Loan Agreement”) by entering into the Eighth Amendment to Loan Agreement (the “Eighth Amendment”) with D & V Electronics Ltd., Dixie Electric Ltd., and Dixie Electric Inc., as the Canadian borrowers, PNC Bank, N.A., as agent, and the financial institutions party thereto.

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 0001140361-23-057421

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.