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 15, 2020
STANDARD MOTOR PRODUCTS, INC.
(Exact Name of Registrant as Specified in its Charter)
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New York
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001-04743
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11-1362020
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(Commission File Number) |
(I.R.S. Employee Identification Number) |
37-18 Northern Boulevard, Long Island City, New York 11101
(Address of Principal Executive Offices, including Zip Code)
Registrant’s Telephone Number, including Area Code: 718-392-0200
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $2.00 per share
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SMP
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New York Stock Exchange LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company ☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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As previously disclosed, Standard Motor Products, Inc. (the “Company”) and its wholly-owned subsidiary, SMP Motor Products Ltd., entered into a Credit
Agreement, dated as of October 28, 2015, as amended (the “Credit Agreement”), with JPMorgan Chase Bank, N.A., as agent, and a syndicate of lenders. The Credit Agreement provides for a senior secured revolving credit facility (the “Revolving Credit
Facility”) with a line of credit up to $250 million, which the Company may increase, subject to certain conditions, at any time by up to an additional $50 million, and a maturity date in December 2023. The other material terms of the Credit
Agreement are described under “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 12. Credit Facilities and Long-Term Debt – Revolving Credit Facility” in the Company’s Annual Report on Form
10-K, filed with the U.S. Securities and Exchange Commission on February 20, 2020, which description is incorporated herein by reference.
On April 15, 2020, the Company borrowed approximately $75 million under the Revolving Credit Facility. Following this draw down, the Company’s total
outstanding indebtedness under the Revolving Credit Facility as of April 15, 2020, was approximately $191 million, leaving approximately $47 million of availability (excluding the additional $50 million accordion feature). Availability under the
Revolving Credit Facility is based on a formula of eligible accounts receivable, eligible drafts presented to financial institutions under our supply chain financing arrangements and eligible inventory. The borrowing was made as a precautionary
measure to increase the Company’s cash position and preserve financial flexibility in light of the current uncertainty in the global markets resulting from the COVID-19 pandemic. The funds may be used for working capital, ongoing operating needs
and general corporate purposes pursuant to the terms of the Credit Agreement.
| Item 9.01. |
Financial Statements and Exhibits.
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104 |
Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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STANDARD MOTOR PRODUCTS, INC.
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By:
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/s/ Nathan R. Iles
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Nathan R. Iles
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Chief Financial Officer
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Date: April 16, 2020
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Exhibit Index
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Exhibit No.
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Description
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104
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Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
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