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PNC Bank Inks $230MM Credit Agreement with Motorcar Parts of America

June 08, 2018, 07:06 AM
Filed Under: Automotive

Motorcar Parts of America, Inc. announced it has entered into a new five-year $230 million credit facility led by PNC Bank, National Association consisting of a $200 million revolver and $30 million term loan, replacing a previous credit facility consisting of a $120 million revolver and a $25 million term loan.

“The new credit facility provides the company with more than adequate increased liquidity at less cost, and more financial flexibility to execute management’s strategic growth plans for the future.  We are gratified by the ongoing support of PNC Bank, National Association and the loan syndicate, and look forward to a continued strong working relationship,” said Selwyn Joffe, chairman, president and chief executive officer.

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