CarParts.com, Inc. (PRTS): debt financing — CarParts.com secures $25M asset-based revolving credit facility from First Business Specialty Finance

CarParts.com, Inc.

New $25M credit facility secured by substantially all assets; borrowing base calculated primarily on cash, receivables, and inventory.
Interest set at 1-month Term SOFR plus 3.25% per annum, reducible by up to 0.50% if Fixed Charge Coverage Ratio exceeds 1.25x.
Prior $0-balance JPMorgan Chase revolving credit facility terminated concurrent with new agreement.
Prepayment penalties: $750,000 if terminated before June 15, 2027; $500,000 if terminated on or after that date.
Facility matures March 31, 2028 with automatic one-year renewals; liquidity covenants require minimum $15M cash plus availability or $7.5M availability threshold.

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

CarParts.com, Inc. incurred revolving credit of up to $25,000,000 with First Business Specialty Finance, LLC at 1 Month Term SOFR published by CME Group Benchmarks Administration Limited plus maturing March 31, 2028.

Instrument: revolving credit
Principal: up to $25,000,000
Counterparty: First Business Specialty Finance, LLC
Rate: 1 Month Term SOFR published by CME Group Benchmarks Administration Limited plus
Maturity: March 31, 2028
Event: incurrence

Exact text from the filing

On June 15, 2026, CarParts.com, Inc. (the “Company”) entered into a Loan and Security Agreement (the “Credit Agreement”) with First Business Specialty Finance, LLC (“FBSF”) providing for an asset-based revolving credit facility in an aggregate maximum principal amount of up to $25,000,000 (the “Credit Facility”), secured by substantially all of the assets of the Company.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CarParts.com, Inc. entered into Loan and Security Agreement with First Business Specialty Finance, LLC valued at up to $25,000,000 (effective 2026-06-15).

Action: entry
Agreement: credit facility
Counterparty: First Business Specialty Finance, LLC
Value: up to $25,000,000
Effective: 2026-06-15

Exact text from the filing

On June 15, 2026, CarParts.com, Inc. (the “Company”) entered into a Loan and Security Agreement (the “Credit Agreement”) with First Business Specialty Finance, LLC (“FBSF”) providing for an asset-based revolving credit facility in an aggregate maximum principal amount of up to $25,000,000 (the “Credit Facility”), secured by substantially all of the assets of the Company.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CarParts.com, Inc. terminated JPM Credit Facility with JPMorgan Chase Bank valued at no amounts outstanding (effective 2026-06-15).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank
Value: no amounts outstanding
Effective: 2026-06-15

Exact text from the filing

In connection with entering into the Credit Facility, the Company and JPMorgan Chase Bank terminated the Company’s revolving credit facility with JPMorgan Chase Bank (the “JPM Credit Facility”). At the time it was terminated, there were no amounts outstanding under the JPM Credit Facility.

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CarParts.com, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-26-025457

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