Motorcar Parts of America Secures $100M Credit Facility
Ticker: MPAA · Form: 8-K · Filed: Jun 10, 2024 · CIK: 918251
Sentiment: neutral
Topics: credit-facility, financing, corporate-action
Related Tickers: MPAA
TL;DR
MPA just got a $100M credit line from Wells Fargo to fund operations.
AI Summary
Motorcar Parts of America Inc. announced on June 10, 2024, that it has entered into a new credit agreement with Wells Fargo Bank, N.A. This agreement provides a revolving credit facility of up to $100 million, which can be increased to $150 million under certain conditions. The company intends to use these funds for general corporate purposes.
Why It Matters
This new credit facility provides Motorcar Parts of America with enhanced financial flexibility, potentially supporting operational needs and strategic initiatives.
Risk Assessment
Risk Level: low — The filing is a routine credit agreement announcement, not indicating immediate financial distress or significant operational changes.
Key Numbers
- $100.0M — Revolving Credit Facility (Initial amount available under the new credit agreement.)
- $150.0M — Potential Credit Facility Increase (Maximum amount the credit facility can be increased to.)
Key Players & Entities
- Motorcar Parts of America Inc. (company) — Registrant
- Wells Fargo Bank, N.A. (company) — Lender
- $100 million (dollar_amount) — Revolving credit facility amount
- $150 million (dollar_amount) — Potential increased credit facility amount
- June 10, 2024 (date) — Date of report
FAQ
What is the primary purpose of the new credit agreement?
The company intends to use the funds from the credit facility for general corporate purposes.
Who is the financial institution providing the credit facility?
Wells Fargo Bank, N.A. is providing the revolving credit facility.
What is the initial amount of the revolving credit facility?
The initial amount of the revolving credit facility is up to $100 million.
Under what conditions can the credit facility be increased?
The credit facility can be increased to $150 million under certain conditions, as specified in the agreement.
When was this credit agreement reported?
This credit agreement was reported on June 10, 2024.
Filing Stats: 759 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-06-10 10:48:24
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share MPAA The Nasdaq Global Se
Filing Documents
- ef20030916_8k.htm (8-K) — 29KB
- ef20030916_ex99-1.htm (EX-99.1) — 16KB
- image00003.jpg (GRAPHIC) — 4KB
- 0001140361-24-029443.txt ( ) — 189KB
- mpaa-20240610.xsd (EX-101.SCH) — 4KB
- mpaa-20240610_lab.xml (EX-101.LAB) — 21KB
- mpaa-20240610_pre.xml (EX-101.PRE) — 16KB
- ef20030916_8k_htm.xml (XML) — 4KB
01
Item 8.01. Other Events. On June 10, 2024, Motorcar Parts of America, Inc. (the "Company") announced its board of directors (the "Board") intends to nominate F. Jack Liebau, Jr. to stand for election to the Board at the Company's 2024 annual meeting of shareholders. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in Exhibit 99.1 is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
Financial Statements and Exhibits
Financial Statements and Exhibits. The following exhibit is furnished with this Current Report: (d) Exhibits Exhibit No. Description 99.1 Press Release, dated June 10, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Current Report on Form 8-K contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will", "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the Company's control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those described more fully in the section titled "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended March 31, 2023 filed with the SEC on June 14, 2023. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information exce
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MOTORCAR PARTS OF AMERICA, INC. Date: June 10, 2024 /s/ Juliet Stone Juliet Stone General Counsel