Global law firm Ashurst has advised Standard Motor Products, Inc. (NYSE: SMP) (“SMP”) on its new five-year $500 million secured credit facility with JPMorgan Chase Bank, N.A., as agent, and a syndicate of lenders, which includes a $400 million revolving credit facility and a $100 million term loan.
The proceeds of the new credit facilities will be used for general corporate purposes of SMP and its subsidiaries, including to refinance its existing revolving credit facility.
In addition, SMP entered into an interest rate swap agreement to fix the interest rate on $100 million of borrowings under the new credit facility.
SMP is a leading independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry.
The Ashurst team was led by partner Michael Neary and supported by senior associate Nathan Huynh and law clerk Dominick Tarantino. Partner Julia Lu and counsel Inna Zaychik advised on the interest rate swap. Partner Sharon Kim and associate Andrew DiComo provided tax advice.
