Investor Wanxiang America gets two-year warrants for 516,129 shares
By Devika Patel
Knoxville, Tenn., Aug. 28 - Motorcar Parts of America, Inc. settled a $22 million revolving credit agreement with Wanxiang America Corp. on Aug. 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 1% revolver will be due on July 31, 2017.
Wanxiang also received warrants for 516,129 common shares, exercisable at $7.75 until Aug. 22, 2014. The strike price is a 78.98% premium to the Aug. 3 closing share price of $4.33.
Los Angeles-based Motorcar provides remanufactured alternators and starters for the automotive aftermarket.
| Issuer: | Motorcar Parts of America, Inc.
|
| Issue: | Revolving credit agreement
|
| Amount: | $22 million
|
| Maturity: | July 31, 2017
|
| Coupon: | 1%
|
| Warrants: | For 516,129 shares
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| Warrant expiration: | Aug. 22, 2014
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| Warrant strike price: | $7.75
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| Investor: | Wanxiang America Corp.
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| Settlement date: | Aug. 22
|
| Stock symbol: | Nasdaq: MPAA
|
| Stock price: | $4.33 at close Aug. 21
|
| Market capitalization: | $70.9 million
|
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