Motorcar Parts of America, Inc. (NASDAQ:MPAA) Files An 8-K Entry into a Material Definitive Agreement

Motorcar Parts of America, Inc. (NASDAQ:MPAA) Files An 8-K Entry into a Material Definitive Agreement

Story continues below

Item 1.01.

Entry into a Material Definitive Agreement.
On April 24, 2017, Motorcar Parts of America, Inc. (the Company)
amended its Revolving Credit, Term Loan and Security Agreement
(as amended to date, the Loan Agreement) by entering into the
Fourth Amendment to Loan Agreement (the Fourth Amendment) with
PNC Bank, National Association, as agent, and the financial
institutions party thereto. The Fourth Amendment, among other
things, (a) increases the borrowing base limit with respect to
inventory located in Mexico, (b) amends the definition of
Consolidated EBITDA to raise the limitation on the add-back for
non-capitalized transaction expenses related to the expansion of
operations in Mexico, (c) increases the annual limit on permitted
stock repurchases and dividends, and (d) modifies certain other
baskets (including increasing certain baskets for permitted
acquisitions) and thresholds to, among other things, further
accommodate the expansion of operations in Mexico.
The foregoing summary of the Fourth Amendment does not purport to
be complete and is qualified in its entirety by reference to the
terms of the Fourth Amendment, a copy of which is filed herewith
as Exhibit 10.1 and incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
d) Exhibits.
Exhibit
No.
Description
10.1
Fourth Amendment to Loan Agreement, dated as of April 24,
2017, among Motorcar Parts of America, Inc., each lender
from time to time party thereto and PNC Bank, National
Association, as administrative agent.


About Motorcar Parts of America, Inc. (NASDAQ:MPAA)

Motorcar Parts of America, Inc. is a manufacturer, remanufacturer and distributor of automotive aftermarket parts, including alternators, starters, wheel hub assembly, brake master cylinders, brake power boosters and turbochargers utilized in imported and domestic passenger vehicles, light trucks and heavy-duty applications. The Company sells its products in North America to auto parts retail and traditional warehouse chains and to automobile manufacturers for both their aftermarket programs and their warranty replacement programs (OES). It recycles materials, including metal from the used cores and corrugated packaging. The Company carries over 13,000 stock keeping units (SKUs) for automotive parts that are sold under its customers’ recognized private label brand names and its Quality-Built, Pure Energy, Xtreme, Reliance and other brand names. It sells its products to automotive retail outlets and the professional repair market throughout the United States and Canada.

Motorcar Parts of America, Inc. (NASDAQ:MPAA) Recent Trading Information

Motorcar Parts of America, Inc. (NASDAQ:MPAA) closed its last trading session down -0.19 at 30.21 with 87,436 shares trading hands.

An ad to help with our costs