Superior Industries Announces Refinancing
SOUTHFIELD, Mich.--(BUSINESS WIRE)--Dec 19, 2022--
Superior Industries International, Inc. (“Superior”) (NYSE:SUP), one of the world’s leading light vehicle aluminum wheel suppliers for OEMs and the European aftermarket, today announced the refinancing of its Term Loan and Revolving Credit Facilities.
Funds managed by Oaktree Capital Management, L.P. (“Oaktree”) provided the capital for a new $400 million Senior Secured Term Loan maturing December 15, 2028.
J.P. Morgan Chase Bank is Agent for a new $60 million Revolving Credit Facility maturing on December 15, 2027. The new Revolving Credit Facility includes the ability for the Company, at its option, to obtain additional commitments to upsize the facility to $110 million.
“Superior remains well-positioned to drive profitable growth, and this refinancing is a testament to our recent financial performance and long-term earnings power of our business. We are excited about our new partnership with Oaktree and are pleased to have extended our existing relationship with J.P. Morgan,” commented Majdi Abulaban, President and Chief Executive Officer. “As we look forward, we remain laser-focused on extending our momentum and advancing our growth strategy to drive shareholder value.”
“We are excited to partner with Superior. With its low-cost manufacturing footprint, broad portfolio of premium wheel finishes and talented global workforce, Superior is the best-in-class supplier of premium wheels to the North American and European automotive markets. As the global automotive market recovers, we believe Superior is poised to expand its product offering and gain wallet-share with new and existing customers,” said Robert LaRoche, Senior Vice President of Oaktree.
Lazard served as financial advisor to Superior.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest light weighting and finishing technologies. Superior also maintains leading aftermarket brands ATS ®, RIAL ®, ALUTEC ®, and ANZIO ®. Headquartered in Southfield, Michigan, Superior is listed on the New York Stock Exchange. For more information, please visit www.supind.com.
Oaktree is a leader among global investment managers specializing in alternative investments, with $163 billion in assets under management as of September 30, 2022. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 20 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
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CONTACT: Investor and Media Inquiries
Superior Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA MICHIGAN
INDUSTRY KEYWORD: OTHER MANUFACTURING AFTERMARKET AUTOMOTIVE MACHINE TOOLS, METALWORKING & METALLURGY ENGINEERING TIRES & RUBBER AUTOMOTIVE MANUFACTURING MANUFACTURING
SOURCE: Superior Industries International, Inc.
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PUB: 12/19/2022 07:00 AM/DISC: 12/19/2022 07:01 AM