Rochester, NY 7/15/2009 9:21:32 PM
SMP - Standard Motor Products, Inc. Entry into a Material Definitive Agreement, Financial Statements
Standard Motor Products Inc., SMP
Standard Motor Products Inc., SMP
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On June 26, 2009, the Company and certain of its wholly owned subsidiaries entered into an amendment of its Second Amended and Restated Credit Agreement dated as of March 20, 2007, as further amended (the "Credit Agreement"), with General Electric Capital Corporation, as agent, and a syndicate of lenders for a secured revolving credit facility. The amendment provides for, among other things, the following: The consent of the lenders to repay at maturity with funds from the Company's credit facility (a) the outstanding balance of approximately $32.1 million (plus interest) of the Company's 6.75% convertible subordinated debentures due July 15, 2009, (b) the outstanding balance of approximately $12.3 million (plus interest) of the Company's 15% convertible subordinated debentures due April 15, 2011, and (c) the Company's 15% unsecured promissory notes which the Company intends to issue approximately $5.0 - $5.4 million in the aggregate principal amount to certain directors and executive officers and the trustees of the Company's Supplemental Executive Retirement Plan in July 2009, which promissory notes will mature on April 15, 2011, subject to borrowing availability thresholds.
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