Motorcar Parts of America (MPAA) Announces New $45M Credit Facility

November 2, 2009 8:52 AM EST

Motorcar Parts of America, Inc. (NASDAQ: MPAA) today announced it has entered into a new $45 million credit facility with Union Bank, N.A. and BB&T, replacing and supplementing a previous $40 million credit facility.

The company said it intends to utilize the credit facility for working capital, general corporate purposes and possible future acquisitions.

"The new credit facility enhances the company's balance sheet and provides greater financial flexibility to execute management's strategic plans," said Selwyn Joffe, chairman, president and chief executive officer. "We look forward to working with Union Bank, N.A. and BB&T under this favorable new agreement," Joffe added.

"We are pleased to lead this truly outstanding relationship," said Robert Tietjen, Union Bank, N.A., Senior Vice President, Senior Relationship Manager.

"BB&T and its Automotive Aftermarket Corporate Banking group are pleased to join Union Bank, N.A. in expanding the MPA credit facility," said Roberts Bass, BB&T, Senior Vice President and Corporate Banking Team Leader.

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