Standard Motor Products, Inc. has amended its revolving credit facility with GE Capital, Corporate Finance, acting as an agent for a syndicate of lenders.
The amended credit facility provides for, among other things, an increase in the line of credit by $50 million to $250 million, a reduction of 25 basis points in the applicable margins relating to the calculation of interest rates, and an extension of the maturity date to March 2018.
Commenting on the amended agreement, Jim Burke, SMP® Chief Financial Officer noted, “We are pleased to announce this amendment to our credit facility. The amended credit facility improves our pricing terms and provides us with greater flexibility to execute our strategic plans. We believe that this arrangement will be beneficial to our shareholders. We appreciate the ongoing support by our bank partners.”
Standard Motor Products, Inc. stock is publicly traded on the New York Stock Exchange (SMP) where it has been listed since 1977.