Standard Motor buys back shares, prepays note

Newswire

CHICAGO, Dec 29 (Reuters) - Standard Motor Products Inc. , a maker and distributor of replacement auto parts, on Thursday said it has paid $26.4 million to buy back stock and prepay an unsecured promissory note from Dana Corp. Standard Motor said it bought back nearly 1.38 million shares of its own stock, about 7 percent of its outstanding shares, and prepaid a promissory note of $15.125 million principal plus interest at a discount. It expects the transaction to add slightly to 2006 ...

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