Standard Motor borrows $75 million under its $250 million revolver

By Sarah Lizee

Olympia, Wash., April 16 – Standard Motor Products, Inc. borrowed about $75 million under its $250 million revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the agent.

There is a $50 million accordion feature under the revolver.

The revolver matures in December 2023.

Following the drawdown, the company’s total outstanding debt under the revolver as of Wednesday was about $191 million, leaving about $47 million of availability excluding the accordion.

The company said the borrowing was made as a precautionary measure to increase the company’s cash position and preserve financial flexibility in light of the current uncertainty in the global markets resulting from the Covid-19 pandemic.

The funds may be used for working capital, ongoing operating needs and general corporate purposes.

Stoneridge is a Novi, Mich.-based maker of electrical and electronic components for automobiles, trucks, motorcycles and agricultural vehicles.

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