By Angela McDaniels
Tacoma, Wash., July 13 - Standard Motor Products, Inc. issued $5.4 million principal amount of 15% unsecured subordinated promissory notes due April 15, 2011 in a private placement on Friday, according to an 8-K filing with the Securities and Exchange Commission.
The notes were sold to some of the company's directors and executive officers and the trustees of its supplemental executive retirement plan.
Standard Motor Products may prepay all or any portion of the promissory notes, without penalty, at any time prior to maturity, subject to borrowing availability thresholds in its revolving credit facility.
The proceeds will be applied toward the repayment of the company's 6.75% convertible subordinated debentures at maturity on July 15, 2009.
Standard Motor Products, based in Long Island City, N.Y., manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry.
| Issuer: | Standard Motor Products, Inc.
|
| Issue: | Unsecured subordinated promissory notes
|
| Amount: | $5.4 million
|
| Maturity: | April 15, 2011
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Settlement date: | July 10
|
| Distribution: | Private placement
|
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