UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 2006
Motorcar Parts of America, Inc.
(Exact name of registrant as specified in its charter)
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| New York
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0-23538
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11-2153962 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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| 2929 California Street, Torrance CA |
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90503 |
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| (Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (310) 972-4005
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On April 19, 2006, the registrant entered into an amendment to its credit facility with Union
Bank of California, N.A. Under the terms of the amendment, the amount of available credit was
increased from $15,000,000 to $25,000,000 and the expiration date for the credit agreement was
extended from October 2, 2006 to October 1, 2008. The amendment also added a covenant establishing
a maximum leverage ratio, reduced the minimum fixed charge coverage ratio that the registrant must
maintain and added provisions providing for a 25 basis point reduction in the interest rate
charged under the credit facility and a 12.5 basis point reduction in the unutilized loan fee if
the registrant achieves a targeted leverage ratio. Copies of the amendment and the related
revolving note are attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated herein
by reference. A copy of the press release the registrant issued on
April 24, 2006 announcing the amendment to the credit facility
is attached as Exhibit 99.3 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
99.1 Third Amendment to Credit Agreement dated as of April 10, 2006 between Motorcar Parts of
America, Inc. and Union Bank of California, N.A.
99.2 Revolving Note dated as of April 10, 2006 executed by Motorcar Parts of America, Inc. in
favor of Union Bank of California, N.A.
99.3 Press
release dated April 24, 2006.