Ashurst advises Standard Motor Products on the amendment and upsizing of its ABL credit agreement

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    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.