Superior Industries Announces Refinancing
19 Dezembro 2022 - 9:00AM
Business Wire
Company’s strong financial performance and
long-term earnings power attracts new capital
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.
About Oaktree
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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Investor and Media Inquiries Superior Investor Relations
(248) 234-7104 Investor.Relations@supind.com
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