LOS ANGELES — Motorcar Parts of America (MPA) has secured a new $15 million credit facility with Union Bank of California. The new revolving credit line, which will replace the company’s existing asset-based facility, bears interest either at the LIBOR rate plus 2 percent or the bank’s reference rate, at MPA’s option. The loan matures on October 2, 2006.
According to Selwyn Joffe, CEO of MPA, the new credit facility should provide the financial flexibility to grow MPA’s relationships with existing customers, enter new markets, and continue to improve its financial position. “The new facility reflects the progress MPA has made in strengthening its balance sheet and improving its operating cash flows,” said Joffe.
To learn more about MPA, visit: www.motorcarparts.com.
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