U.S. Auto Parts Network, one of the largest online providers of aftermarket automotive parts and accessories, has amended its credit agreement with Chase Commercial Banking, which governs its revolving credit facility, to include more favorable terms.
As a result of U.S. Auto Parts’ improved operating performance in recent quarters, U.S. Auto Parts and Chase have agreed to reduce the borrowing rate and increase the facility by an additional $5 million to $30 million, among other things.
“The increased borrowing capacity and lowered rate speaks to the confidence our commercial banking partner has in our organization,” said Neil Watanabe, chief financial officer of U.S. Auto Parts. “We look forward to continuing our partnership with Chase as they provide us with the flexibility to support our growing business.”
Additional details regarding U.S. Auto Parts’ amended credit agreement can be found on the Form 8-K that U.S. Auto Parts is filing today with the Securities and Exchange Commission.
