Standard Motor Products Reveals New $500M Credit Facility

Standard Motor Products Inc SMP has entered into a new five-year $500 million credit facility, with JPMorgan Chase Bank N.A. as an agent and a syndicate of lenders.
The facility includes a $100 million term loan and a $400 million revolving credit facility.
In addition, SMP entered into an interest rate swap agreement to fix the interest rate on $100 million of borrowings.
The new credit facility will mature in June 2027, and the proceeds will be used to repay outstanding borrowings and other general corporate purposes.
Price Action: SMP shares traded higher by 1.88% at $41.25 on the last check Thursday.