Global law firm Ashurst has advised Standard Motor Products, Inc., and certain of its wholly owned subsidiaries, in connection with the amendment and upsizing of its existing ABL credit agreement with JPMorgan Chase Bank, N.A. as administrative agent and a syndicate of lenders.
Among other things, the amendment and upsize (i) provided for an increase in the aggregate principal amount of the commitments from US$250 million to US$300 million and (ii) replaced LIBOR with Term SOFR as the reference rate.
NYSE listed Standard Motor Products, Inc. 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 supported by senior associate Nathan Huynh and paralegal Richard Lackey.
