Motorcar Parts enters $75 million term loan, $20 million revolver

By Marisa Wong

Madison, Wis., Jan. 20 - Motorcar Parts of America, Inc. said it entered into a $95 million credit facility that consists of a $75 million term loan with Cerberus Business Finance and a $20 million revolving credit facility with PNC Bank, NA.

The new loan replaces a previous $55.5 million credit facility.

"This loan provides increased liquidity to execute the company's growth strategy," said Selwyn Joffe, chairman, president and chief executive officer, in a news release.

"The automotive aftermarket is a dynamic industry and we are excited by our existing and new opportunities. We appreciate the support and look forward to working with our new lenders."

Based in Torrance, Calif., the company re-manufacturers alternators and starters used in imported and domestic passenger vehicles, light trucks and heavy duty applications.

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