Superior Industries announces refinancing

Superior Industries International, Inc., supplier of light vehicle aluminium wheels for OEMs and the European aftermarket, today announced the refinancing of its Term Loan and Revolving Credit Facilities. Commenting on this development, Majdi Abulaban, president and chief executive officer, stressed that “Superior remains well-positioned to drive profitable growth.” He described the refinancing as “a testament to our recent financial performance” and the “long-term earnings power of our business.”

Funds managed by Oaktree Capital Management, L.P. provided the capital for a new US$400 million Senior Secured Term Loan maturing 15 December 2028. J.P. Morgan Chase Bank is Agent for a new $60 million Revolving Credit Facility maturing on 15 December 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.

“We are excited about our new partnership with Oaktree and are pleased to have extended our existing relationship with J.P. Morgan,” said Abulaban. “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,” added Robert LaRoche, senior vice-president of Oaktree. “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.”

Lazard served as financial advisor to Superior.