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Standard Motor Products Announces Short-Term Bank Facility

2 April 1998

Standard Motor Products Announces Short-Term Bank Facility

    NEW YORK, April 2 -- Standard Motor Products, Inc.
, automotive replacement parts manufacturer and distributor
announced today that it has entered into an agreement for a new $108.5 million
short-term bank facility and has been granted waivers on covenant violations
and covenant amendments by its bondholders.
    Led by The Chase Manhattan Bank and The Bank of New York as agents, a
$108.5 million committed revolving bank credit has been syndicated to a group
of six banks.  The line availability expires on November 30, 1998.  There
remains $55.6 million available under the new line, which is adequate to meet
the Company's seasonal working capital needs.  On March 27, 1998 the Company
entered into a series of agreements with its bond holders which provided
waivers on defaults of certain covenants resulting from the year end 1997
adjustments for discontinued operations and the APS, Inc. bankruptcy filing
and amended certain covenants through September 30, 1998.
    Mr. Lawrence Sills, President said, "I am quite pleased that all our
financing institutions have continued to support the Company, reflecting
confidence in the Company's ability to achieve its goals.  The actions taken
by our banks and bond holders give the Company the near term working capital
it needs to proceed with its business restructuring and provides us with the
needed time to implement a broader, longer term restructuring of our
financing.  We are confident that prior to the expiration of our new bank
agreement the Company will be successful in syndicating a multi-year committed
bank facility to meet its long term working capital needs and in attracting
alternate financing to continue the Company's growth strategy in North America
and Europe."

SOURCE  Standard Motor Products, Inc.