Superior Industries International, Inc. (NYSE: SUP) announced today that it has refinanced its existing Senior Secured Term Loan and will redeem its €217,050,000 outstanding 6.000% Senior Notes due 2025. The Company has also amended its Revolving Credit Agreement.
The refinancing, supported by funds managed by Oaktree Capital Management, L.P., Eldridge Industries, Blue Torch Capital LP, TCW Private Credit Group, and Arini, involves increasing the Senior Secured Term Loan from $394 million to $520 million, with a maturity date of December 15, 2028. Oaktree will continue as the Administrative Agent for the Term Loan.
The new funds, along with some cash on hand, will be used to fully redeem the Senior Notes, cover related fees and expenses, and for general corporate purposes. The redemption will proceed according to the indenture terms and the notice sent to all registered holders of the Senior Notes.
Majdi Abulaban, President and CEO of Superior, commented, “We are pleased to have successfully refinanced our debt, enabling us to redeem the Senior Notes and reduce total debt from $627 million to $521 million. This refinancing strengthens our balance sheet and enhances our financial flexibility as we advance our growth strategy. Following significant progress in our European transformation, Superior is well-positioned to drive profitable growth and create long-term value for our shareholders.”
