Oct 28, 2009 (FinancialWire via COMTEX News Network) -- (Comment on this article at http://www.financialwire.net/2009/10/28/standard-motor-products-to-offer-4-million-common-shares/)
October 28, 2009 (FinancialWire) -- Standard Motor Products, Inc. (NYSE: SMP) (Current Market Cap: $190.34 Mil.) an automotive replacement parts manufacturer and distributor, said it plans to offer four million shares of its common stock in an underwritten registered public offering. Goldman, Sachs & Co. (NYSE: GS) is serving as the sole book runner.
The company plans to grant the underwriters a 30-day option to purchase up to 600,000 additional shares
Standard Motor plans to use the net proceeds from the offering to repay a portion of its outstanding indebtedness under its revolving credit facility. The company then intends to borrow funds from time to time under its revolving credit facility for general corporate purposes.
New York-based Standard Motor Products is a manufacturer, distributor and marketer of replacement parts for motor vehicles in the automotive aftermarket industry, with an increasing focus on the original equipment and original equipment service markets.
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