VAN NUYS, Calif. – Superior Industries International announced that it has successfully closed a $100 million senior secured revolving credit facility.
As previously announced on Nov. 3, Superior entered into a commitment letter with J.P. Morgan Securities LLC, JPMorgan Chase Bank N.A. and Wells Fargo Bank, National Association, pursuant to which, subject to the terms and conditions therein, the Lead Arranger agreed to structure and arrange a senior secured revolving credit facility in an initial aggregate principal amount of $100 million. On Dec. 19, Superior entered into a senior secured credit agreement that consists of a revolving credit facility in an initial aggregate principal amount of $100 million and which has a term of five years, expiring on Dec. 19, 2019. The facility also contains an expansion feature providing for additional revolving credit or term loans in an amount up to $50 million, which remain uncommitted to by any lenders.
Superior said it intends to use the borrowings to finance the working capital needs, and for general corporate purposes, including, among other things, to pursue future opportunities and projects to support profitable growth and create shareholder value.
